proof that premiere clips at srgb colorspace
if you've ever wondered if premiere really did clip its color engine at srgb, look no furthur. I have undenialable proof!
You cannot grade in linear color if the lut gamut is larger than srgb or you'll get primary color clipping.
For example, if you use an Arri Logc to Linear, then sandwhich a 32bit gaussian blur and then a Linear to Logc, with a viewing lut, it
will clip shown here. For note, After Effects has zero issues with the exact same layout. Premiere has max bit depth, max render quality and composite in linear color all checked. This is not so much a bug as it is a deal breaker for any grading in Premiere higher than srgb. As such, any lut that tried to expand to a larger gamut will get clipped as well.
I will expand my tests to include jpeg2000 which adobe says supposedly imports as rec. 2020. we shall see adobe, we shall see...stay tuned..
nope.
If you were hoping exporting a PQ rec.2020 would import differently, bad news as well. true hdr only exists if you disable luts.