Premiere is acting funny

If you post a rather strongly worded comment without much useful data, well ... I can only respond to what's there. Give more data, get a better response. I love to teach when given the information necessary to actually know how to help someone.

Color management is necessarily far more complex and complicated than it used to be, and that's not by Adobe's scheming. It's because we now have cameras recording in quite a number of wider color gamuts and wider dynamic ranges than the old Rec.709. Which was limited to only sRGB color space, white point of D65 at 100 nits, to be graded in a semi-darkened room on a monitor set to (essentially) gamma 2.4.

Now we have cameras with their own unique color space, dynamic range is all over the place, and what the users may need to deliver to also is all over the place.

So yea, you, the user, must learn to set the color management processes to what you need to do, to get from the starting media to the proper exported file.

So ... tell us what media you have, including creating device/camera and color space plus dynamic range, and what you need to end up with for a deliverable file.

Everything can then be set to give you what you need.

This is by far the most flexible and capable Premiere release ever. But therein lies a headache for many users. You have to learn a lot of stuff you didn't need to know before.