Yes, it really does work very well - absolutely no need to spend money on a shield.
I use a Bluetooth Xbox controller linked to the TV - not tried any other combinations as it works well for me with minimal lag.
I use full 4k 60fps (or the setting for 90-120) and set the bit rate to 150. I do have ethernet running through two gigabit switches from the TV to the Computer upstairs so no WiFi or potential bottlenecks.
My only issues is the fact the computer is running a 980ti which at 4k isn't optimal. Once a 3080/AMD equivalent is in there I'm not expecting any problems - I'm not playing fast paced e-sports titles but do enjoy CS:S/Global offensive without issue.