I use old version of PPro, which doesn't have proxy options. So I never did what you want to do. Others will give you specific details I think, when they see your post.
From what I've read here I think the proxy to HD from 4K will let you edit with the smaller size ( so your machine doesn't lag etc. ) and then when you export it uses the original 4k stuff. The only LOSS depends on how you define that with your choice of codec for the export. Typically a highly compressed export will be good for viewing but not so great for re-editing. But that type of LOSS is sorta esoteric and has to do with purpose of export and desire ( small byte count and good for viewing is usually highly compressed ).
Wait for someone who has used the proxy function to give you details... It's a long holiday weekend in U.S. and lots of people are scurrying around doing MINI VACATION type things.
I have 4K Video of Musical Programme. If I downscale to HD size in Pemiere What I will be missing in final output
No content will be missing as long as you scale it down to HD. It will just have a reduced frame size.
I think I am not clear in my question.
I want to know if 4k video is downscaled to HD and exported HD size....quality wise what I will be missing ?
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If you export say as 1920x1080, it will have the same pixel quality of any other 1080 file. Period.
Very easy to test yourself. Just select a section and export at the size you'd want to try.
I am already doing since last more than one year and I didn't find any visible detoriation in quality but one of my friend warned me and said you will not get good quality output... To clear doubt and to know what I will be missing I thought this platform suitable....Thank you for your reply