Colors are looking washed out

@yash-lucid If you go to the bottom left of the document window, next to the zoom level you will see some information about the document. There is a right pointing arrow next to it, and if you click on it you can choose what information is shown. Set it to document profile. That will now show you the document profile. If it says untagged RGB then you have a document where the meaning of the colour values are unspecified. You will need to go to the Edit menu and choose Assign Profile to give those values a valid meaning. If you are working with Hex values then they are usually, but not always, quoted against the sRGB profile, so try assigning that first. 

For your monitor, the best way is to calibrate and profile your monitor with a hardware device such as those available from Calibrite, or DataColor. That way the monitor profile represents your monitor in its current state of adjustment. Altering brightness, contrast, colour  etc requires a new profile.
Second best is a profile from Dell that represents your monitor model in default settings. As stated above it will be inaccurate if anything has changed in the settings.
Last is setting it to a document profile such as sRGB. This is sometimes used for testing but will not accurately represent your monitor.

Dave

OK. It's everybody's right to say, "this is good enough for me". If the OP just wants color managed and not color managed apps to look the same on his screen, whether strictly correct or not, then they have that now and they can stop reading.

If, however, they want color that is accurate to industry standards, and can be trusted everywhere, then color management is the solution to that problem. Just let me be clear: color isn't defined by Photoshop. Color is defined by icc profiles.

Contrary to myth, color management isn't difficult or complicated. It works right out of the box in Photoshop, it just needs two things:

• an embedded color profile in the document. This defines numbers as actual colors.
• a valid monitor profile. If Photoshop is to correctly remap from the document color space into the monitor color space - in other words, display the file correctly - it needs to use a profile that describes the actual and current behavior of the monitor. The profile is a map, and like any map it needs to represent the actual terrain.

That's it. If both these profiles are present and correct, then Photoshop will display correctly.

@yash-lucid you have aparently set sRGB as the device profile for your Dell monitor, Please be aware that no monitor is really accurately defined by the sRGB colourspace profile, you need to set the actual Dell monitor profile there.

When did this go wrong? Did you only recently connect that Dell? 

you wrote: "The brand colours are ffcb05"

That's a HEX code, please be aware that HEX codes (like RGB values) are colour-space dependent (an ICC profile needs to be associated to fully define appearance) - if you make the HEX colour in Adobe RGB its not going to look the same as it would in sRGB. as demonstrateded by @D Fosse in an earlier reply and explained (thanks to google) here: https://asktimgrey.com/2020/05/13/color-consistency-with-hexadecimal/

I hope this helps

neil barstow colourmanagement - adobe forum volunteer,

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Edit - Colour Settings - RGB: Change to Monitor RGB

Fixed.

No idea what quicklook is, but does it support color management? Does the file have an embedded color profile?

In these cases, people generally assume that the most saturated version is the correct one. But it can just as well be the other way round.

Here's the thing: as long as your monitor profile is valid, that is, correctly describes the native color space of the monitor, and the document has an embedded profile, then Photoshop displays correctly. The numbers are remapped from the document color space and into the monitor color space.

The critical factor is the monitor profile. This is why people buy and use calibrators. The calibrator will write a profile based on actual measurement of the monitor's response. If your monitor exactly reproduces sRGB, wich no monitor does, then sRGB would be the right monitor profile. But in real life, it's never an exact match. And then Photoshop cannot display correctly. The profile needs to be accurate.