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Not at all. "Better looking" in this case doesn't mean that it looks like Midsommar does in 4K. It still looks like camcorder footage either way. The whole point of the aesthetic is preserved. It's also worth pointing out that not all camcorders look the same. Some do give better picture quality...

Definitely both. While I can't watch Dolby Vision, Oppo's information overlay does helpfully confirm that it's present. But I'd be really, really surprised if there's any practical difference between the two in this particular case.

It's the same disc in Steelbook packaging. Both this one and the 2018 release have Dolby Vision. Since I've got a projector, I only watched in HDR10.

It's entirely fair to question the need for a 4K upscale of 1080p source material, but after finally having watched the UHD myself and comparing it to the Blu-ray, it is an upgrade, however miniscule. Not in terms of resolution, but because of the HDR grade, specifically in regards to contrast...

Aside from the Panasonic AG-HSC1U used for the flashbacks, that's not quite true. It was all shot at 1080p, yes, but while the interior workhorse Panasonic AG-HVX200 could be described as prosumer, all of the exteriors and effects footage were shot on either a Sony CineAlta F23 or a Thompson...