PS5 Client uses HDR signal when PS5 HDR setting on "On When Supported"

Date & Time: April 14, 2021
Frequency: Always
World name: Coeurl
Character name: Sefi Ar'lya
Retainer name: N/A
NPC name: N/A
Monster name: N/A
Class/Level: 80
Party or solo: N/A
In-game time: N/A
Area and coordinates: N/A
Housing: N/A

Steps:
Incorrect Behavior:
1. Update PS5 to latest system software released on 21/04/14: 21.01-03.00.00.38-00.00.00.0.1
2. Go to Settings -> Screen and Video -> HDR, set to "On When Supported"
3. Launch FFXIV PS5 client
4. Observe/Confirm via television is incorrectly receiving an HDR signal (in my case HDR10) from the PS5.

Compare to the PS4 client running in backwards compatibility mode on PS5:
1. Update PS5 to latest system software released on 21/04/14: 21.01-03.00.00.38-00.00.00.0.1
2. Go to Settings -> Screen and Video -> HDR, set to "On When Supported"
3a. Launch FFXIV PS4 client using backwards compatibility
4a. Observe/Confirm via television is correctly receiving an SDR signal

Model number of the Playstation 5:
■ CFI-1015A

Using PS4 backward compatibility: No

Information About the Peripherals You Are Using
-Type: TV
-Maker: Sony
-Model Number: XBR-55A8H

Also experiencing this on LG C9.
PS5 client needs to be updated to not output HDR signal, as this game is not mapped with proper HDR. Colors and lighting look blown out.