Microsoft has confirmed that some image editing software will cause color distortion on HDR displays with Windows 11. Although not officially mentioned, there have been user reports of multiple bugs in recent builds.
According to "Windows 11 Known Issues and Notifications" on the MS official website, some image editing programs may render colors incorrectly on certain HDR capable displays. This symptom often occurs when editing images that contain white, and it seems that (white) is displayed as bright yellow.
MS explains that the bug "occurs when the Win32 API returns unexpected information or errors under certain conditions." In other words, it is a problem of Windows 11 itself, and even if you update the third-party application side, it seems unlikely that it will be solved. However, it is also stated that "not all color management programs are affected", and it seems that the number of apps that cause color garbled is limited.
MS is already working to resolve the issue and is expected to have it resolved in a late January release. According to the MS related information site Windows Latest, there seems to be a voice that the bug was completely fixed when the participants of the Insider Program tried the preview build.