If you're shopping for a new TV on a budget, it's not a necessary feature by any means: Those new consoles will play perfectly well (and still look spectacular) on a TV that lacks HDMI 2.1. For most people it's not a good enough reason, on its own, to buy a new TV right now. That doesn't mean you need HDMI 2.1, however. In fact, to get the most out of those consoles you'll need a TV that supports at least some HDMI 2.1 features.
HDMI 2.1 is also on both of the next-generation game consoles, the PlayStation 5 and Xbox Series X. It's currently found on the best new TVs, including recent models from LG, Samsung, Sony, TCL, Vizio and more. The latest version HDMI is called 2.1, and it's a big leap forward compared to HDMI 2.0.