I just wanted to pile on here with thanks to Huub van Baal for the workaround that has also solved my issue.
OS: Windows 11
Laptop: HP ENVY x360
Monitor: Phillips PHL 276E9Q
For me, it started with the aforementioned Feb 2024 update. EVERY single time I'd connect my VPN(s) for work, the monitor would switch to Gamer1 mode, rendering it basically unusable for work. So I'd have to manually switch it back to what I like - LowBlue Mode.
This morning (6/3/2024) after an automated/forced HP firmware update 15.20.0.0 that I didn't initiate, my monitor now seemingly randomly started switching into Gamer1 mode. So I finally applied the fix of renaming the telemetry folder and it hasn't switched into Gamer1 mode even with connecting to my VPN(s).
FWIW, I have not rebooted yet. It seems just renaming the folder is enough - well see. Thanks again to all that posted.
Seriously, this has been a frustrating issue and I hope HP will correct it.