"In recordings (primarily using OBS) and in screenshots (with snip and sketch) everything appears extremely over-exposed / bright with HDR enabled" - Telling a customer of an open platform OS like Windows 11, that they should alter their preferred workflow to use a Microsoft only tool that could even be turned off by their company's admin is not an acceptable response. This was previously working functionality that the upgrade itself from Windows 10 to Windows 11 (forced on many) newly caused, in Software engineering we call this "a bug" and usually are not allowed to provide a lazy, inadequate response like this which is to me, an ineffective answer to the question and it should be unsatisfactory by Microsoft's standards.
Also, I've noticed that with dual-monitor usage there is inconsistency in the sharpness of the "active main display" and the secondary. I can tell this because I can see it with my own eyes visually not due to monitor quality.(I have 2x Dell 1440p G-Sync compatible high end gaming monitors with EXCELLENT reviews in sharpness, brightness, and picture quality)
If it were system related it would not show to anyone else in streaming/snapshot mode as it shows identically in the other commenter's snips from the game "Stray") it's bad, it's not acceptable, and the answer needs to be "this is the ticket/future update that's going to resolve this mass issue" NOT use Xbox Game Bar which again, many company's admins don't even allow so your work around is only for a narrow user base as well.