Using a LUT and color wheels on an adjustment layer washes out the footage

Beyond my ken!

Ok well I have found the issue but this isn't something really reproducible, it's more technical.

I basically exported the broken lumetri effect as a preset, and then a normal lumetri preset. I looked at the text difference between both files, and then applied what I thought the problem was to the normal preset; which did break it.

Ok so in the XML of the preset, one of the ArbVideoComponentParam's (which is my lumentri) StartKeyframeValue field contains Base64, here is the path to that.

<PremiereData>
    # ...
    <ArbVideoComponentParam ObjectID="9" ClassID="313e54d4-6903-49ad-b0bf-8262cdd10f4e" Version="2">
        <StartKeyframeValue Encoding="base64" Checksum="3682649684">
            LONG BASE64 STRING HERE!
        </StartKeyframeValue>
        # ...
    </ArbVideoComponentParam>
    # ...
</PremiereData>

<Lumetri>
    # ...
    <shader>
        <name>"LUT"</name>
        <customname>"LUT"</customname>
        <opacity>"0.009999999776483"</opacity> # <-- THIS IS THE PROBLEM! The normal preset had a value of "1", but this value breaks the effect.
        # ...
    </shader>
    # ...
</Lumetri>

Premiere version 25.3.0 Build 84

MacOS Sequoia 15.5 (24F74)

I am scratching my head here, I restarted Premiere to make reproducible steps. The layer/effect I created in the video still had the exact same problem, but any new adjustment layer or effect in any new project was fine.

I could copy the problematic adjustment layer OR effect onto a new adjustment layer. The issue was still there.

I could reset that effect completely, and then set a LUT and change the wheel, the issue would still be there. Even in different projects.

I have no idea why this one specific instance of lumentri is bugged.

Yeah, that does look odd. What LUT are you applying? (I can't make it out from the screen shot.)

To begin with, how are you handling the colour in the first place?

This article  gives one approach.