I have had a problem for a while on Premiere Pro v14.9 and even older I have not found a solution to it, which is when I import a video that was shot with a Canon camera 80D (H.264) BT.709 Color range: Full, the colours look washed out, and there's less contrast on the Source and Program Monitor panel,
but when i import a video that was shot with a samsung galaxy note10 plus camera everything looks fine, does it because note10 camera is Limited Color range.
Device that I use Premiere Pro on it:
Alienware Area-51m R2 internal monitor
Processor: Intel(R) Core(TM) i9-10900K
Nvdia GeForce RTX 2080 Super
Ram: 64.0 GB
Error or problem
Hardware or GPU
Full is not a 'normal' setting for Rec.709 media unless the clip is RGB ... all YUV (technically Y:Cb/Cr) Rec.709 media should be encoded as 'limited'. Which has nothing whatever to do with the dynamic range recorded, simply how it is encoded to the file.
And RGB media is typically the heavy 12-bit stuff ... out of spendy cameras.
So if your camera is set to use Full, set it to Limited. You don't lose anything but extra pain in editing.
As with Full encoded YUV Rec.709 media, you need to go to the Effects panel, and find the Full to Legal preset and apply it to the clip on the sequence.