Sorry, I should have mentioned that this is on Windows 11. According to a recent Microsoft KB it also might be a known issue with HDR and Windows 11.
"After installing Windows 11, some image editing programs might not render colors correctly on certain high dynamic range (HDR) displays. This is frequently observed with white colors, which could display in bright yellow or other colors.
This issue occurs when certain color-rendering Win32 APIs return unexpected information or errors under specific conditions. Not all color
profile management programs are affected, and color profile options available in the Windows 11 Settings page, including Microsoft Color Control Panel, are expected to function correctly."