Yeah the black level raise is an issue, sort of. It seems to be intentional just like how Cyberpunk was for the first year before user complaints resulted in it being updated to no longer have BL raise. Starfield had the same issue as well. Intentional "Hollywood" colour grading for the black level which doesn't work in modern times when many now have OLED displays for gaming and any hint of raise to BL is obvious.
I would not say it's terrible like the video above says though, I'm on the monitor's most colour accurate mode and it looks usable, just completely black areas of scene aren't completely black, though thankfully most of the game so far seems to have a main source of light for indirect bounce and caustic illumination on water areas under shade. Games like Res Evil 2 Remake have what I would call terrible SDR black level raise, it's so bad I uninstalled the game each time I revisit it to see if it's been patched.
Not bothered by there being no HDR personally. This game world has no emphasis on artificially lit scenes where HDR comes into its own on an OLED, everything is illuminated by the sun with a few fire torches dotted about.
