New Update Messed Up HDR - Washed Out Image - PS5/4k HDR TV

After the update (and without changing any settings - 120 fps mode is off), the image looks super washed out. The output is being recognized by the TV as HDR, but the image looks washed out, almost like it's actually a non-HDR image. Colors aren't vivid anymore.

The initial splash screen when I first clicked on the icon in the ps5 menu looked HDR for a second, but then the screen flashed and the loading splash screen started looking undersaturated. Almost as if the PS5 menu system was in HDR, but as soon as it passed control over to the program the HDR stopped.

Anyone else seeing this? I think this is a bug for sure.