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Colors are still altered when using Ut Video in Convert To Edit-friendly. However, the colors are accurate when using Ut Video from the Export preset list. The discrepancies in color can be seen in the linked images below.
Original video
Ut Video Converted To Edit-friendly -
Apply the Elastic Scale filter then move the Linear Width parameter. Turn Preview Scaling on and you should see the video distorted. This issue appears to be specific to videos with resolutions above 1080p as I didn’t see it happen with 1080p videos. You can see the before and after in the images linked below. I used a 4K video but it also happened with a 1440p video.
Original Video
Video with Preview Scaling -
Apply the Wave filter, bring the Amplitude parameter up, and then bring it back to 1. Check out the distortions with Preview Scaling on in the links below.
Original Video
Video with 360p Preview Scaling
Video with 540p Preview Scaling