OTH if you increase the DPI you bring in higher frequency components that are not that important for perception, so you can compress them more heavily.
Quantization and filtering are the more important parts of the encoder than the FFT / DCTs since the transform is 1:1 reversible. Compression isn't just the mathematical accuracy of a signal when it comes to lossy algorithms as you know. A 720p video upscaled to 1440p should theoretically be exactly the same size for the sake of effective quality but encoders don't care about just the math and apply perceptual filters because simply doubling pixels looks really bad perceptually it turns out.
It stands to reason that if you shrink those details even smaller, as is the case with 4K, you'll need even less precision for those coefficients.
The same holds true for images/graphics. Take a look at the (blk) rust logo at several different sizes: https://github.com/rust-lang/rust-www/tree/master/logos
16x16: 351 Bytes; 32x32: 691 Bytes, factor 1.97 from 16x16; 64x64: 1.41 KB, factor 2.04; 128x128: 3.4 KB, factor 2.41; 256x256: 7.29 KB, factor 2.14; 512x512: 10.9 KB, factor 1.50
So it certainly can both hold true that 4K HEVC encoded video has the same bitrate as 1080p AVC encoded video and that it has 50% savings.
The 50% improvement that we have got is pretty f*ing impressive.