I have figured out a way. I used a blueprint that I found at LG webOS Smart TV - Enable Turn On Action for HA 2022.2+ using wake_on_lan.
It seems strange though that this has to be done in this way and it doesn’t act like a normal homekit device, my understanding is, if you add a homekit device to home assistant it should act the same with the same functionality as if the tv was added to apple native home kit. Is this not correct and the blueprint is the only way to accomplish this?