Go with the AppleTV 4K, it has a little more power and runs Zwift better.
No adapters necessary if your fitness devices are Bluetooth.
If you have some ANT+ stuff, you could get a Bluetooth bridge like CABLE to convert the ANT+ signal to BLE so the Apple TV can read it.
Limiter for the Apple TV is the number of incoming bluetooth connections it can support. I used my iPhone with the remote app instead of the AppleTV remote to save one of the 3 open slots. You can also use the Zwift Companion app on your phone for any additional Bluetooth signals if you max out the Apple TV.

The companion app on your phone is also handy for changing Zwift camera angles, turning, and using power ups during the game. The Apple TV remote isn't the easiest thing to use while IN the game.

I 2nd this. The AppleTV 4K (Gen 5) is poorly named. It'll work on a HD (1080) TV and perform a LOT better with anything you throw at it due to better processing power. 32GB version is more than enough.

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Shane Miller - GPLama
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Perfect, that was my next question....assumed the 32GB would be enough but something worth asking.

HR monitor is BT so seems like I’m ok with just the Apple TV 4K.

Thank you for this tip I was wondering how I could display one more Bluetooth device.