MacOS does wash out SDR content in HDR mode specifically on non-Apple monitors. An HDR video playing in windowed mode will look fine but all the UI around it has black and white levels very close to grey.
Edit: to be clear, macOS itself (Cocoa elements) is all SDR content and thus washed out.
Edit: to be clear, macOS itself (Cocoa elements) is all SDR content and thus washed out.