But it would be able to run it at XO settings whatever they may be running at 1080p
Sure, at 1080p. But Horizon at 1080p on XB1 would already mean some serious downgrades. PS4 games are substantially more demanding at 1080p.
so native is possible and because it's using CBR doesn't mean it couldn't run the XO version at native 4k. It's using CBR because studio has invested in that tech for their engine, which means get more for slight drop in IQ
Ok, let's do some basic caculations :
6 vs 1,31 = +358% or x4,5
2160p vs 1080p = +300% or x4
2160p vs 900p = +476% or x5,7
So far, i don't know any single game announced at native 4k on X and running at 900p on XB1.
So, based on these data, with a slightly lower resolution than 1080p, native 4k should still be possible on X, but not at 900p.
Also, 2160C seems to be the maximum possible resolution on Pro with AAA games.
Anyway, i could be wrong and you could be right, but all the data so far are more in line with my opinion.