Hi
Welcome to Microsoft community.
I'm glad to help you.
From your description, it seems that the coding problems recorded by Nvidia Shadowplay are more likely to cause this.
If the SDR game forcibly turns on HDR, a similar color exception will occur. The video encoding information recorded by Shadowplay uses a strange combination. The BT601 color matrix is used with the full (0-255) color gamut to record the video, and the full color range is not written into the metadata part of the file. It may cause some recorded videos to have abnormal colors in some programs.
This problem may occur because the Windows film&TV player encoder may not be compatible.
You can first try to close the hdr when recording games to check whether the problem still exists. Or replace a video editor, such as Adobe Pr, to check whether the same issue occurs.
Feel free to ask back any questions and let us know how it goes. I will keep working with you until it's resolved.
Best regards
Derrick Qian | Microsoft Community Support Specialist