The Mac supports DisplayPort over Thunderbolt using standard DisplayPort data rates when using a Thunderbolt to DisplayPort adapter/cable, PROVIDED the cable is SHORT (under 0.5 meter on the ThunderBolt side AND under 1 meter on the DisplayPort side)
The tables in this article:
https://en.wikipedia.org/wiki/DisplayPort
suggest that ThunderBolt-3 and higher supports DisplayPort HBR3 transmission protocol, with an overall maximum data rate of 25.92 Gbits/sec. This fits happily inside Thunderbolt's Overall 40 G bits/sec OUTBOUND, by momentarily "turning around" the inbound data pathways into outbound data pathways to support this Display Data.
Two sets of tables (one for 8 bits/color, one for 10 bits/color) later in that article lay out what fits inside that HBR3 envelope.
For 8-bits/color 4K supports up to 120 Hz refresh rate readily
For 10 bits/color 4K supports up to 98 Hz refresh with a tiny modification.
Slightly higher may be possible when using Display Stream Compression DSC, which is not quite lossless.
It is likely that slightly higher data rates can be supported when the Display has a Direct Thunderbolt input.