When you enable High Dynamic Range (HDR) in OS Display settings to use with ColorEdge selected SDR color mode, the color appears washed out.   When you disable High Dynamic Range (HDR) in OS Display settings to use with ColorEdge selected HDR color mode, the color appears extremely overexposed / bright.   Please first select the dynamic range in the OS display settings according to the selected color mode of the monitor and then change the color mode of the monitor according to the setting in the operating system.
Windows: Settings -> System -> Display -> HDR -> "Use HDR" turn off
macOS: Apple -> System Preferences -> Displays -> "High contrast image": Off/On
Please note that macOS only uses its own DisplayP3 color profile for the high contrast setting. Setting the monitor-specific color profile (PQ/HLG) leads to incorrect results.
Screenshot Mac settings (german)
Color Mode (Monitor): HDR / HDR setting (OS): On Color Mode (Monitor): HDR / HDR setting (OS): Off Color Mode (Monitor): SDR / HDR setting (OS): On Color Mode (Monitor): SDR / HDR setting (OS): Off