Color transfer is set to SMPTE ST2084 (PQ).
I did some additional testing. The videos from Playstation 5 comes as .webm. I converted one of them to .MP4 to compare but I couldn’t see any difference.
I also imported an old mobile video in .mp4. In that one all the colors looked great. When that video was highlighted in the timeline the Color Space and Color Transfer were both automatically changed to ITU-R BT.709.
This doesn’t say anything to me but maybe you guys understand what’s going on from that? 