This is a total pick-your Poison situation, and thanks so much, Apple ...
ONLY Macs with Retina screens but without Reference modes will use a display transform for Rec.709 media of essentially gamma 1.96. They also, from some high-end colorist's testing I've seen, don't correctly remap the hues/values of Rec.709 within the native P3 space of the monitor.
{But use VLC or Potplayer, or Firefox browser, on those Macs ... you will normally see Rec.709 files with Bt.1886 applied ... on the same screen, a very different image.}
So there's two issues ... a brighter shadow region due to the different display transform, and a visual saturation issue due partly to a lighter image being visually less saturated, and partly due to a poor performing color transform.
The rest of the world uses a different display transform. The Rec.709 standard include the Bt.1886 addendum, which specified the (essentially) gamma 2.4 display transform for Rec.709 media. Who is "the rest of the world"?
All Macs with Reference modes set to HDTV, all broadcast/streaming specced systems, most Android devices, most PCs, most TVs.
So Apple isn't consistent even with Apple devices.
So how do you want to handle this?
Using the comp LUT makes a darker file, that's "normal" on Macs with the 1.96 display transform, but too dark and oversaturated for the rest of the world.
Using the Viewing Gamma 1.96/Qt option results in a similar file. As the Program monitor in Premiere will match the transform outside Premiere on Macs with this affliction, you will grade the image accordingly.
And again, the file will be 'normal' on similar Macs without Reference modes, but too dark/saturated everywhere else.
BlackMagic has an option called "Rec.709-A" and yes, A is for Apple. They found that including a certain NCLC tag ... that doesn't actually HAVE a specified value in the Standards! ... causes Macs without Reference modes to use essentially gamma 2.4 to display the file. On first glance, this seems a good solution.
But ... that adding of the "unspecified" NCLC tag causes other apps/systems to show the files too dark.
So it's a bit of a mess, really, and you need to pick where you want your image to look closer to how you saw it.
Understand though ... something pro colorists are taught right off: no one will ever see the exact image you saw when grading, no matter the screen or device, no matter how delivered.
So ... you can't fix gramma's green TV is an old saying in broadcast. Pick your poison.