Exposure adjustments in Color Mode (Premiere 27) not working correctly

Using a native rec709 clip on a rec709 timeline with color management enabled (and no luts) the exposure adjustments in the new Color Mode are really out of whack. Just a slight adjustment to the contrast or exposure completely blows out the highlights. Overall, fine adjustments just feel completely off, affecting saturation in unnatural ways, very unpleasing images when making adjustments to exposure.

In comparison to the exposure adjustment in Lumetri, where the highlights gently brighten with a pleasing overall exposure boost to the image.
Exact same problem when adjusting contrast, highlights clip immediately, vs a much more gentle pleasing adjustment via lumetri.

I thought this was a color management issue, but I’ve checked to make sure everything is set correctly to rec709. And why does it work so much better on the same clip and on same timeline with Lumetri vs Color Mode?