Forspoken - HDR Optimized Settings (Patreon)

The game DOES USE/APPLY Playstation HDR Calibration app settings.

The game on paper has a good HDR implementation as it actually reads and applies the system-level HDR Calibration settings (up to 10.000 nits) but in reality, it applies them wrong.

Peak HDR Luminance will be in fact always much higher than what you've (correctly) setup in the system, coupled with the (correct) TV settings, which will result in severely clipped highlights and burned whites.

An easy fix to this is to disable both HGIG and DTM entirely, which will "dim" the overly bright Peak Luminance of the game to an acceptable level:

This may not work on different TVs than LG OLEDs tho.

If that's the case for you, you could also lower the Playstation system HDR Calibration app clicks for brightness screens by 4-5 clicks compared to what you have set and relaunch the game (just remember to set it back correctly for other games).