I installed the latest version of Photoshop, then experiemnted with the new HDR feature in Camera RAW. To activate the HDR feature I went to Preferences>File Handling>Camera RAW Preferences>Technology Previews and checked HDR Output. I then went to Prerences>Technology Preview and checked Precise Color Management for HDR Display.
I played with the new feature and liked it, but decided that for now I wanted to deactivate it. So I went back into Preferences and unchecked the items I previously had selected.
Unfortunately now when importing an image from Camera RAW to Photoshop, the image is highly desaturated and I have very little latitude to recover the sauration. My workaround is to export the image as a .tif file, and then open it in Photoshop.
I have uninstalled Photoshop and reinstalled it. I have also reinstalled the previous version of Photoshop. I continue to have this problem. I am running on a 2021 Macbook Pro M1 with 32GB RAM. I have attached two jpgs to show the issue. The first is what the image looks like when it is imported from Camera RAW from a stored .DNG file. The second is the same image that was coverted to a .tif file from Camera RAW and then i=opened in Photoshop. Any assistance is appreciated.