Can Bluray media handle 4K?
Sure, at Netflix bit rates. You can always chose to ruin the quality of content by prioritizing resolution over bitrate. Luckily those who release physical copies of digital media don't like that idea, and soon we will have 4K Blu Rays with more space for that reason.
To answer your original question though:
4K TVs are useful for a number of things at this point. Gamers with high-end SLI rigs can use 4K tvs today, as can anyone that looks at a lot of photos on their TV. Personally my favorite thing about having a 4K screen in the kitchen is the higher PPI makes text MUCH more legible, which allows me to have a Tony Stark-esc infotainment setup via RSS feeds.
4K is not very useful yet for watching video content, the only impressive 4K stuff out there outside of Netflix and Directv are youtube, 4K TV demos, and time lapsed photos. Unless you play ALL your 1080p content on a PC rig with a GTX 960 or greater running Mad VR perfectly configured then the content WILL look worse than on the best 1080p TVs. Built in 4K tv scalers so far are crap, Mad VR has shown me how much better 1080p content could COULD look at 4K but who knows when the industry (outside of Oppo) will catch up to that point. Maybe by the time 4K Blu Rays are everywhere and x265 (or whatever standard beats it) decoders are in all entertainment devices the industry will finally put a scaler in the TV worth paying extra for.
If someone asked me for advice on what TV to buy if they would be mostly watching TV or movies (and their budget wasn't minimum) I would have only one answer: Either get a LG OLED or don't buy a TV.
http://www.bestbuy.com/site/lg-55-class-54-5-8-diag--oled-curved-1080p-smart-3d-hdtv-black/7846019.p
$2000 for 55 inches at 1080p, and so much better than anything else on the market for video (including every 4K TV except the LG 4K OLED) it isn't even funny. The problem with most 4K tvs isn't the 4K, it is inferior LED technology that the panel is based on.