Hi,
This seems to happen only with footage shot on an iPhone 15 Pro. I'm working on PP (24.6.4 but it was also doing it on 24.6.3).
I have attached a screen grab of the image blown out in the timeline and a screenshot of the raw footage. I have also attached my sequence settings. If I have forgot to add any details you need to know, apologies in advance.
Thanks,
Lynsey