Can confirm this seems to also be an issue on the LG32UK550 - I've run the applescript mentioned in another comment and it seems to work sometimes. Seems to be random whether turning HDR off in the display preferences works or not. Recently upgraded to 10.15.6 and this issue started happening.
With HDR mode turned on colours are washed out and hazy looking (tried a few different HDR "modes" using the LG on screen display, but none of them are really workable)
Turning HDR mode off gives terrible colours (contrast is waaay to high, colours look neon as others have mentioned and text isn't nearly as smooth)
Toggling HDR on and off seems to eventually get me to a point where the monitor doesn't get locked into HDR mode and the screen is usable again, but this is hardly ideal as it happens anytime the monitor wakes up...
My set up is a 2018 Macbook Pro 15" running Catalina 10.15.6 connecting via TB3 to a CalDigit T3 Plus dock, then to LG monitor via DisplayPort (set to DP1.2 on the LG monitor)