HEIC images from iPhone Pro are washed out in LRC Develop mode.

On an M1 MacBook Pro, photos taken on new iPhone Pro 15 in HEIC format look okay in LRC Grid but are washed out as soon as entering Develop mode. iPhone photos in DNG and JPG format are not washed out. Older HEIC photos taken with iPhone Pro 11 are also not washed out.

All software is up-to-date.

Suggestions?