After playing a for a long time, everything felt ok. However, the problem with the above setting I used that I found myself anyway, was that while it did indeed make the screen much brighter, it also pushed highlights way too far, and as such made some scenes look bad. So while yeah its bright, things like the snow area in Gears 5 suddenly look washed out and entire fields of snow are just a solid white colour. I even noticed the sky around the sun, would change its visual depending on what setting I used. Using the above, the sun area would be a huge white blob, and you couldn't see an actual circle for example.
So I did some testing, and low and behold, LG pushed out firmware updates a bit more in recent times. And now, I can actually say... Standard game mode is actually the best for HDR game play? I've got my settings to such a point that whites look white without being overblown, shadows look dark, dark enough so that the OLED kicks in and you get black, but no black crush, which still having visible shadow.
The settings I'm currently using:
xbox:
Make sure HDR is on
Use 10 bit colour (Use of 8 bit is suggested however it actually lowers the colour quality of the dashboard and introduces banding)
Turn off Allow YCC 4:2:2
LG OLED B7:
MAKE SURE YOU ARE LOADING A HDR GAME. If you don't, the TV will just set up corrections for SDR content. It saves your settings individually based on type used. You will see the HDR logo appear top right so you know its the right part.
General > HDMI Ultra Deep Colour (This needs to be on for HDR to work on this input. A restart of the GAME will be required.
Hold down the INPUT key to get your input list, select your xbox input, and change edit icon so that it says game console. We used to use PC mode, but this is the best way to do it now.
Picture>Picture Mode Settings (Make sure Game (User) is selected)
OLED Light > 100
Contrast > 100
Brightness > 53 (Mess with this, using 50 as a base. I find 55 to work so that I still get blacks and that nice deep black, but its not too high that it washes out the screen. Lower will be better for shadow, but of course make the screen even darker. 53 seems to be a good base for me, where I get those nice 100% oled off blacks, but remember... This depends on the GAME, as some games, its impossible for them to even go black)
Sharpness > Whatever works for your eye. Start with 10, and go up or down.
Colour > I have mine set a little higher to make the HDR pop a bit more, at 65. I find that once you go into Game mode, the standard 50 setting breaks and the screen looks washed out. Again, this is useer preference.
Tint > 0
Colour Temp > 0
Advanced Controls > Dynamic Contrast > High
Advanced Controls > Dynamic Colour > Off
Advanced Controls > Prefered Colour > Leave at default
Advanced Controls > Colour Gamut > Wide
Advanced Controls > Super Resolution > Off
Advanced Controls > Gamma > Medium (Forced)
Picture Options > Noise Reduction > Off
Picture Options > Mpeg Noise Reduction > Off
Picture Options > Black Level > Low
Picture Options > Real Cinema > Off (Forced)
Picture Options > Motion Eye Care > Off
Picture Options > TruMotion > Off (Forced)
Oh and make sure Screen Shift is enabled as well in your TV settings.
Now, these are "for me", and yes, they ARE a little more dark than you may be used to. Not much, but a little, just a smidge. But now, you get brightness in dark, and darkness in bright. HDR doesn't wash out, and highlights shine perfectly. So, try them, and see. You never know, it may work for you, it may not.
