Yes it will. I believe also 481 does HDR10 just not Dolby Vision like 681 and 683 etc. The 683 probably won’t need an update yet and have everything already but it’s good to do the updates as they come available.
Of course assuming your TV and UHD player are both HDR10.... For HDR10 to work from the TV thru the receiver to an HDR10 UHD player, be sure to get the latest Monoprice HDMI cables and be sure to set the Yamaha to mode 1 (default is mode 2).
Here is a link to how to do that on 481 and 681, but 683 is probably the same way.
http://faq.yamaha.com/us/en/article/audio-visual/av-receivers-amps/rx/rx-v681_u/11033/9323
Are you also using ARC? You must enable that if you want that to work as well in the other menu. Be aware ARC is annoying with some TVs and works better with others.
Let me know if this helped or I just gave you information you already know. Good luck.
*After the receiver is working for you the sub would be the next item to look at if you want to make a dramatic improvement. The subs everyone recommends are Rythmik and HSU. Monolith is the new kid on the block and there will be a review on their subs next month on this site as well.