It is patent-encumbered though, you have to pay license fees to deploy it.
It can be indistinguishable, as long as you stick with lossless or very low compression ratios. It falls apart at typical JPEG XL compression ratios.
A lot of our customers are moving their grading systems into data centres and streaming the images over IP back to their grading suites.
I've got it down to less than 1 frame for encode-transport-decode, but you've still got to copy the image to an SDI card and wait for that to clock out.