Do any Elgato capture cards support 4K120Hz passthrough or capture?
No, at this time there are no capture devices from Elgato that support 4K120Hz over HDMI 2.1, or other HDMI 2.1 features such as Variable Refresh Rate (VRR), Quick Media Switching (QMS), Quick Frame Transport (QFT) and Auto Low Latency Mode (ALLM).
Can my existing Elgato capture card be upgraded to support HDMI 2.1 with a firmware update?
No, HDMI 2.1 and various features require new hardware. Upgrading existing capture devices to support HDMI 2.1 bandwidth of 48Gbps and VRR, ALLM, QMS, QFT, ALLM via software or firmware is not possible.
Will Elgato release an HDMI 2.1 capture card for 4K120 HDR passthrough and capture?
Elgato is aware of next-generation console capabilities and is always working to provide best-in-class capture solutions — no matter what resolution or frame rate you play at.