Text colors fade after export (specifically yellow)

Well ... I'm guessing your running on a Mac without Reference modes. Correct? And note, I work for/with/teach pro colorists, and spend a lot of time on Premiere/Resolve workflows. Color management and color in general being a large part of my ... "thing".

But the first thing to understand, the first lesson taught to pro colorists ... no one ever, on any screen, no matter whether delivered over broadcast, streaming, or theatrical release, will ever see what the colorist saw on their Grade 1 Reference monitor in their suite.

Further, it is impossible to completely match two "identical" monitors side by side running through the same output device. With calibration gear costing more than yours and my computers combined.

Now, realize that every screen out there is different from every other screen, and is being watched in different viewing conditions. Try viewing a program on your iPhone on a park bench at noon, and at night in a darkened bedroom on the same iPhone. It will be a different view of both the shadows/blacks and the highlights. Saturation. Your eyes are adjusted differently due to surround brightness and color.

So lose the expectation you are delivering an exact view of anything, as that is physically impossible to do. Yea, that's a rip.

Set your system as close to the standard for whatever color space you choose to work in, do the best you can on that, and when it goes Out Into The Wild, realize ... it's outta your control.

So ... to your system. If a Mac, without Reference modes, understand: your Mac does not use the correct display transform function specified for Rec.709 (SDR) video playback. Your Mac, due to the choice by Apple to apply the camera transform to the playback device signal ... with roughly a gamma of 1.96 in the shadows.

The actual Rec.709 standard calls for a mathematical function with the approximate "shape" of gamma 2.4 for the shadow section for Rec.709 video playback devices.

Therein lies the problem. Your Mac, displaying Rec.709/SDR files in Quicktime Player, Chrome and Safari, will use that camera transform creating a 'brighter' view of the shadows than will show from playing back the same file on any Rec.709 compliant screen/device.

Ergo, the old process (now abandoned thankfully) of that "gamma compensation LUT", so that on your Mac, outside of Premiere, you see the same image as within Premiere. Of course, that means that on any Rec.709 compliant system, the same video file is way to dark with crushed blacks. 

Were you aware of that part? Many still aren't.

And now a delightful, further messing around ... many newer Macs have "Reference Mode" display options, which include "HDTV". On those Mac Retina monitors, with the option set for HDTV, they will see the same image as on non-Mac proper broadcast/Rec.709 display systems.

So ... apply the gamma compensation LUT, on your Mac, the image is fine outside of Premiere.

On Macs with the Reference Modes, set to HDTV, the image is way too dark.

On all non-Macs running the standard Rec.709 viewing display setup, the image is way too dark.

Joyous, right? 

As stated, I work for/with/teach pro colorists, mostly based in Resolve (though some are in Baselight) ... and most of them are total Mac geeks. And they are FURIOUS with Apple over this mess.

In Premiere 2024, do not use the gamma compensation LUT, there are better ways provided to accomplish the same thing!

There are many new options in the new Settings tab of the Lumetri panel. Go there.

Make sure that Display Color Management is 'on', and especially for Macs, 'extended dynamic range where available' also. I do recommend setting auto detect log and auto tonemap, both, to on. They work interactively both in HDR and SDR workflows.

We also now have the option for setting display gamma. It sounds like you may prefer the QuickTime/1.96 option. That sets the internal monitors of Premiere to the same as your Mac ColorSync utility's odd approximately gamma 1.96 transform. So media inside Premiere and outside in QuickTime Player will display the same. (With the same problem noted above for display on any non-Mac Rec.709 screen.)

Some people, including most colorists, simply produce at the Broadcast/Rec.709 gamma 2.4 setting. Did you know that all broadcast and streaming media is produced with a full Rec.709 standard in production? Meaning... all media you watch on your Mac was produced using gamma 2.4 ...

Some choose to use the "web/2.2" option, as it's sort of in-between. Sadly, this is a pick your poison thing, you can't be "right" everywhere. But then, cheer up, as noted clear up top, it's never right anywhere to begin with! Ha.

Set the Sequence color space to your choice ... currently SDR/Rec.709, or HDR in PQ or HLG forms. Use only export presets that match your sequence color space.

And you can produce what you are happy with on the screens you want to appease.