Is HDR saturation broken?

My monitor is Alienware 3225QF, and I calibrated it on Windows 11 via the internal tool.
Any other HDR content looks fine, especially movies/tv shows.
In this game I am having an issue where enabling HDR makes the whole screen unsaturated as if the color washed off slightly.

I've tried playing with the UI/Game brightness toggles which masked the issue a bit but it's still annoying me.

Are there any previous bug reports / topics regarding this issue?
I've found some users mention it in steam discussions but no solution was proposed.