YES this did fix the issue, and hightlights the PROBLEM.
THE PROBLEM is that the SDR/HDR slider is IGNORED by applications about half the time, then THOSE SAME APPLICATIONS, later on, after an unknown cause, then suddenly RESPECT the slider.
I have this issue EVERYTIME Windows (10 in my case, but apparently not any better in Windows 11) restarts. If I let the screen turn off after 1 minute of inactivity, then jiggle the mouse to turn the screen on again, IT'S FIXED! That is a KNOWN cause/effect for when the slider is IGNORED.
I just now had the problem with Screenshots for QA work. At first, they look good. Then, suddenly, the NEXT screen shot (and ALL screenshots thereafter) is OVER-EXPOSED like in the question. Adjusting (lowering) the slider SCREWS UP the USER VIEW, but FIXES the Screenshots! Again, ignore/respect for the HDR/SDR slider is BUGGY AF. I had to readjust it AFTER the screenshot to continue using my computer.
What needs to be fix on Microsoft's end to address this issue?