Photoshop: colors appear washed out on 27.9.0 unless using Proof Colors or disabling Use Graphics Processor

When I open any image while “Use Graphics Processor” is checked in my settings, the images open washed out. However, if I use Proof Colors, I can see the true tones again. Or if I disable the use GPU checkbox, the colors look correct again.

MacBook Pro (intel proc)
Mac OS Sequoia 15.7.9

Detected Graphics Processor:
AMD Radeon Pro 560X