Desaturated timeline

I have no clue what you're actually doing there ... as there's a nested track, an adjustment layer and a clip, I don't know what's what ... so sadly your post didn't give me any details to even guess what the problem is.

So ... what media are you using? What is your OS? What isn't displaying as you expect?

And the Modify/Interpret Footage control section isn't a "trick" ... it's the main color management controls for individual clips now. They've completely rebuilt the underlying color system. Yea, it's confusing at first, and some things are broken. But if we understand what is happening with your setup, we can get you running again.

Neil

Have a look here:
Understanding Color Spaces, HDR, and what that might mean to you
https://www.youtube.com/watch?v=odwptnEhxJs
and here:
https://community.adobe.com/t5/premiere-pro-discussions/faq-premiere-pro-2022-color-management-for-l...
and here:
https://community.adobe.com/t5/premiere-pro-discussions/faq-how-to-fix-saturated-over-exposed-hlg-cl...
and here:
https://community.adobe.com/t5/premiere-pro-discussions/how-to-set-monitors-for-hdr-work-in-premiere...