Proxy Color Management Broken with Log or HLG media on Rec.709 Sequence

The new color management is killing me in both Premiere and Media Encoder.  I get what it's trying to do.  It sounds smart, but like too many Premiere features, in my opinion, it just came in without basic consideration for how to integrate the new feature in a way that would be intuitive. 

With their implementation of Color Management, Adobe has basically said, "Change everything about the way you're doing things with HLG and Log formats.  We've provided ways to work the way it did before, sort of, but it will take a lot of extra effort, and only parts of it will work.  This applies to all your projects past, present and future.  Don't like it?  You shouldn't have upgraded to the newer version of the software you pay for, dummy!  What, did you actually want to use the new features we implemented?  Did you actually expect it to work?  Go back and install the last version..." (and yes, I always keep the previous version when it comes to Adobe updates, because this happens a lot.)

Here are some thoughts about current state of Color Management:

• Any project done before 22.0 that includes HLG media will display the footage completely differently when opened in the new version.  You will always need to keep an older version of Premiere installed if you ever want to edit these projects again, or go through a potentially (depending on the complexity of the project) painstaking time to convert it manually to the new color overrides.
  • Common sense would say make sure there's a way that older projects stay the same with automatic color overrides etc.  The previous system worked just fine for Rec. 709, it should have continued to work on old material automatically.  It should have been part of basic user testing.
• New proxies created in 22.0 do not respect color space overrides, so you need to create huge HLG Rec.2020 proxies instead of quick and easy 422 proxies as you always have in the past (at least for the ProRes proxy workflow I use.)
  • You cannot get correct Rec.709 proxies from your HLG media without a custom LUT to help with conversion (which I don't have) because:
• Even Media Encoder now has a color/exposure shift when converting HLG media to a Rec. 709 format.  In the past the color would be the exact same between the Rec.2020 original and the Rec.709 Proxy file.  You could do basic color grades on proxy footage and then make any final edits on the actual media, and nothing would change between the two outside the expected loss of detail in the proxy.
  • Again, you cannot get correct Rec.709 proxies from your HLG footage.  Premiere is trying to be too smart, and just assume that you want to convert footage on their terms.  See the attached images for the differences in Media Encoder, mostly in saturation.

The bottom line is the old workflow just worked fine for Rec.709 projects.  I toyed around with some HDR stuff, and it was a pain.  I'm sure that this makes that more manageable, but it's at the expense of ease of use for Rec. 709 projects, which is still what I'm sure 95% of our projects are.