iPad Pro 12.9” (4th Gen 2020) with external display HDR enabled - colours washed out

I have an issue with colours looking washed out and reds being overblown (almost crimson and way too vibrant). My setup is as follows:

• Brand new iPad Pro 12.9” (4th Gen, 2020).
• Settings > Display & Brightness > LG HDR 4K > Preferred Display Setting > HDR enabled.
• LG 27UL850 27” HDR display
• iPad connected to display with brand new USB-C data cable (10 Gbps data rate ie. USB-C 3.1 Gen2)
• 4K HDR test videos (both HDR10 and Dolby Vision) downloaded from 4kmedia.org

• Symptom is that most colours look washed out, e.g. the Settings page will have a grey background instead of white, but any blue text will look way too blue, and reds in particular look way too saturated and have a crimson tint to them. Greens appear to be OK from what I can tell. Switching back to SDR gets all colours back to normal again (Settings > Display & Brightness > LG HDR 4K > Preferred Display Setting > SDR). The option to enable display mode switching, makes no difference. There are no other settings available. The LG monitor has no settings to resolve this (in HDR mode, the Colour settings menu is disabled).

The visual symptoms are exactly the same as in this thread (affecting Mac users since Catalina 10.15.4) however on the iPad the HDR/SDR setting “sticks”.

I’m starting this thread because I can’t find any other threads on the internet regarding this issue, so at least others searching for this issue will find this thread and can hit the “Me too!” button.