Absolutely. As long as your display is capable HDR and can output 600+ nits of brightness (1000+ preferred) and has high contrast (like an OLED display).

It doesn't require any effort, it's a checkbox in the display settings and a command line option in Steam. Assuming you're using GE-Proton10, you just put this in the command line parameters of the game that you want to play as HDR.

PROTON_ENABLE_WAYLAND=1 PROTON_ENABLE_HDR=1 %command%

You should pretty much always use the PROTON_ENABLE_WAYLAND flag*, the default is for wine to use xwindows and unless you're on a non-mainstream distro then you're using Wayland and so the display out put has to go through a compatibility layer (xwayland). This can introduce weird frame time jitter and hitching in some games that won't occur when using Wayland directly.

The game has to support HDR and there are some edge cases where the game won't detect that your machine is HDR capable so you can't enable the HDR option.

You can go through gamescope to have it work, but that is a bit more effort (mostly just installing gamescope and using 'gamescope %command%' (with some switches for options, like resolution, refresh rate, etc). This is a bit more effort and can have some performance overhead, but is still worth it imo.

*Using Wayland breaks Steam Input. You can still use a controller on games that support a controller, but if you use Steam Input to remap buttons or to play non-controller games with a controller then you'll have to wait on Valve to write Wayland support into the Steam Overlay.