The HDR implementation in Windows 11 is fine. And it's not even that bad in 11 in terms of titles and content officially supporting HDR. Most of the ideas that it's "bad" comes from the "cheap monitor" part, not windows.

I have zero issues and only an exceptional image on W11 with a PG32UQX.

IIRC Windows still uses the sRGB curve for tone mapping of SDR content in HDR, so you have to toggle it on and off all the time.

KDE Wayland went the better route and uses Gamma 2.2

Good to know!