Reference Photo does not respect “Preview for SDR Display” when editing HDR images

Description of Issue
When working on HDR photos in the Develop module with Preview for SDR Display enabled, a photo set as a Reference Photo does not respect the SDR preview. The reference image is displayed with HDR colors, as if Preview for SDR Display were disabled, even though it is enabled for the photo.

This makes accurate visual comparison unreliable when using the Reference View while editing HDR images for SDR output.

Lightroom Classic Version Number
Lightroom Classic 15.0.1
Camera Raw 18.0

OS Version Number
macOS Sonoma 14.7.5 (23H527)

Camera Model
Not camera-specific (observed on HDR images in general)

Step-by-step Reproduction Instructions

1. Open Lightroom Classic and go to the Develop module.

2. Select an HDR photo.

3. In the Basic panel, enable the HDR button.

4. In SDR Rendition Settings, enable Preview for SDR Display.

5. Right-click the photo and select Set as Reference Photo.

6. Activate Reference View and select a target photo to edit.

7. For verification, select the same exact photo as both the reference photo and the active editing photo so they appear side by side.

Expected Result
The reference photo should be displayed with Preview for SDR Display applied, matching the SDR preview of the active photo, so that both images appear visually identical when they are the same file.

Actual Result
The reference photo is displayed with HDR colors, as if Preview for SDR Display were disabled. When the same image is used both as reference and as the active photo, the two side-by-side views show clearly different color and tonal rendering, with the reference image appearing in HDR and the active image in SDR preview.