You're correct. While the stable version of KDE Wayland is usable right now with the new driver with no flickering issues, etc., it technically does not have the necessary patches needed for explicit sync. Nvidia has put some workarounds in the 555 driver code to prevent flickering without explicit sync, but they're slower code paths.

The AUR has a package called kwin-explicit-sync, which is just the latest stable kwin with the explicit sync patches applied. This combined with the 555 drivers makes explicit sync work, finally solving the flickering issues in a fast performant way.

I've tested with both kwin and kwin-explicit-sync and the latter has dramatically improved input latency. I am basically daily driving Wayland now and it is awesome.

XWayland (and therefore Zoom, IntelliJ IDEA, any game that runs on Wine, etc) has been borderline unusable for years due to Nvidia not supporting the way a system synchronises its rendering with the GPU, but recently all of the changes that facilitate a newer, better (and most importantly, a directly supported by Nvidia) way of synchronising got merged. This driver is the final piece of the puzzle and I can confirm that all Xwayland flickering has gone away for me.

I've not been having a pleasant experience with it, but X11 has its own share of issues as well. They have different issues though, my problems in Wayland are not identical to the problems i have with X11. PopOS under Wayland has been the most usable so far, but I'm hoping that when this update hits the stable branch it'll finally make Bazzite practical as my main OS.

Doesn't KDE basically have color management with 6 or 6.1 or something?