Hi @rooksaw, as far as I know Netflix has pretty much immediately found a way to detect Opera's VPN and currently blocks it.
The HDCP incompatibility is due to rights issues (...like the VPN blocking, actually), the issue probably isn't that your TV is not HDCP compatible but that Netflix doesn't want you to transmit the video directly over Airplay to your AppleTV. Only running Netflix directly on your AppleTV will fix this.