Ok let's clear up the confusion here a little bit... Wow Microsoft, let me draw you a picture...
So all the problems are caused by Microsoft's AWFUL buggy HDR implementation (shock). Allow me to explain and prove....
I've been using HDR screens (plural) pretty much since release in the form of most of the high end ASUS ROG monitors and run a few gaming rigs around the 4070TI mark. The way windows works with HDR is in fact to ignore all preset/settings from applications etc. and to react to the actual lighting levels of the image on the screen.. ?! - Yes just as stupid and insane as it sounds...
So if you enable HDR (and AutoHDR it doesn't really care about either way it seems to apply it 'most' of the time if HDR is on) and load up a nice bright white image on your screen you'll notice the HDR is active. If you suddenly switch to a very low backlight image you'll notice the Monitor goes black, flickers and then resumes. This is because the geniuses at Microsoft decided that it was right to have HDR turn on and off on the fly depending on screen content :| .... Yes that's right...
Finally, if you jump on Youtube and search for HDR Screen Blackouts there are numerous videos starting to demonstrate this issue.
And so... Microsoft - why is this implementation built like this? Gamers represent a huge portion of HDR users and how can you not know monitors literally turn off and back on when HDR is enabled/disabled? Who in the good lords name does testing over there?
PATCH IT - AND FOR GOD SAKES REMOVE THE AWFUL "AUTO" FEATURE THAT LITERALLY BREAKS EVERYTHING :@ !!!
P.S. - To any junior developers out there - if you want an excellent case study of how to over engineer a feature from a "on - off" button to the point of breaking ££££'s worth of image enhancing technology to the point it's completely unusable... look no further.