Poor export quality of HDR (2100 HLG) but looks normal exported from Premeire

I did an HDR export using Media Encoder from a sequence from Premiere. I noticed I was having poor shadows and highlights compared to the preview from the sequence.

I rendered all settings identical but exported natively in Premiere and everything looks normal.

There is something wrong with Media Encoders export quality.

I rendered two videos with identical export settings between exporting through Premiere vs. Media Encoder in this dropbox link: https://www.dropbox.com/scl/fo/ieukixvapaxscde37qpnw/AJ8_Ayp-fd-MgD-DZwmNQEc?rlkey=grxpm8ohdv7ewjvfa8i2z0z81&st=iv56wwhd&dl=0

Please note that dropbox preview does not display HDR footage, so you'll have to download the video files to see the difference.

Below is the screen grab of my export settings.