Adobe Photoshop Version: 25.11.0 20240716.r.706 b326a7d arm64
Adobe Camera Raw Version: 16.5.0.1953 and 16.5.0.1954
16" M1 MacBook Pro, running macOS "Sonoma" 14.6.1
I was getting great results when editing Nikon D850 and iPhone raw files in ACR, exporting into AVIF HDR (with Display P3 profile). I used the "Convert and Save" button at the upper right corner of the ACR window. But, at some point in time, I noticed that the AVIF files were only displaying as SDR, when viewed in Chrome, Photoshop, or GraphicConverter.
When I exported to PNG, JXL, or TIFF, the files rendered correctly in HDR. It was only AVIF files that were affected. When I examined their metadata, certain HDR records were missing, which were present in the AVIF files exported previously. All my ACR and Photoshop settings are as recommended for HDR output, in tutorials by Eric Chan, Greg Benz, and others.
Eventually, I discovered that one or more files were apparently corrupted in the folder
~/Library/Application Support/Adobe/CameraRaw
If I removed that folder and allowed it to be rebuilt by ACR, the problem was solved: files saved as HDR AVIF rendered correctly in HDR. But then, I saved my settings in the Save Options dialog as a custom preset (see attachment). The same problem returned: HDR AVIF files rendered only as SDR. Removing and rebuilding the folder described above solved the problem again. So it appears that saving a preset may be creating corrupted file(s) in that folder.