Yeah, I waited for that patch, still looked awful on my end. I still believe it was broken (either on my end or in general on PC) and not working as intended tbh, the default contrast setting was completely insane, as in anyone who knew anything about how an image should look would not say it looked correct or good, even in isolation with no SDR to compare it to.
If you aren't interested in an accurate image it could look great for you, I know a huge amount of people run their TVs with all settings maxed out so they prefer that oversaturated image with crushed shadows/blacks, like so many reshade filters that are made for games so fair enough if thats what you prefer but I'm all about seeing the artistic intent.
I have a feeling it looked a lot different on Xbox, as in it was working. Here is a random guy playing it in HDR on PC, if you watch the tonemapped SDR version you can still see the issues I pointed out but if I watch it in HDR its insanely garish for me, highlights are blown out, the colour is oversaturated:
If you have a TV with poor contrast then maybe that would counter the too high contrast and dull the oversaturated colours. and if the TV can't do bright highlights then the whole thing won't look as garish but the highlights will still be blown out, more so probably even.
No offense meant if you enjoyed it, as I said its a personal preference thing and maybe its totally different on Xbox vs. PC anyway.
edit - BTW, what do you mean by the bolded?