Agree it's broken. There is no need for the torch like there was in Origins when you were underground. I'm using an LG CX and I've followed the HDTV guide for setting up HDR so I'm confident no issue there.
A lot of games consciously don't use 0 black which is annoying.
I heard VRR can raise black levels, have you tried disabling that if you have series x. So many games have broken HDR/ raised blacks, its like its an afterthought for a lot of developers.