That's not 'noise', that is packets that didn't make it. It's not having a perfect picture vs. no picture, but about data packets either going from A to B or not going from A to B.
Say the HDMI cable is crap and it can only do 100 packets per second, and HDR needs 1000 packets per second, the HDMI chips are going to negotiate a HDMI transfer settings without HDR. Going back further, say the HDMI data path is negotiated to do only basic HDMI, say, DVI-like video. If even that is too much for the cable to handle, say, it constantly drops a few packets, you would get either perfect pixels or missing pixels.