This is not a new issue, it's one that's been in the game since the beginning pretty much.
Basically, the HDR is not tone-mapped correctly. In most games, when you enable HDR, it expands the dynamic range of the image but doesn't drastically change the colours. Yes, the colours will be more vibrant and the darker colours will have more depth, but it should be the same tones.
However, in Sea of Thieves, it dramatically alters how certain areas look. This is especially the case in The Wilds, where the sky takes a "toxic" yellowish-green tone - rather than the muted bluey grey in the SDR version.
Yes, if you boost the vibrancy on the SDR image, you do see those yellows coming through, the yellow is there - but I feel like it's far, far too intense with HDR on. I think the correct vibrancy is somewhere in the 30-50% range of what has been applied.
Another obvious example is on the menu screen where a very red light is shone on the player character model - this is from the tavern fire, but it's far too red, IMO. In this case, it feels like the vibrancy is cranked up even more, resulting in over-saturated reds.
Note: I have boosted the brightness a bit on the HDR pics just so they come across on SDR somewhat
These issues with the HDR are the main reason I don't use it for Sea of Thieves, despite loving how it looks in some areas (the Shores of Plenty, for example). It's also far too dark at night with not enough shadow detail, which can be a gameplay disadvantage - when SDR is already pretty dark itself.
It feels like Rare just threw an auto-HDR setting across the game rather than grading it correctly.
Anyone else tried out the HDR and have thoughts?

