Adobe Premiere Pro 2020 Color Management for H.264 and HEVC does not solve Apple’s Gamma Shift Issue like I was hoping

So Adobe new update of Premiere Pro says it includes Color Management for H.264 and HEVC as a new features. The feature describes itself as the following:

With new color management for H.264 and HEVC formats, Premiere Pro interprets the correct color space when importing these formats, including 10-bit and HDR files. For exports, Premiere Pro includes the correct color space metadata with your output files, ensuring that your colors will display correctly on the destination platform. When creating new sequences, you can choose to Match Source or apply the color space you want to use, depending on your working media.

https://helpx.adobe.com/premiere-pro/using/whats-new/2022.html#color-management

I was hoping this would add the ability to add tags to exported H.254 videos so that they would display correctly anyplace, but especially on Macs. Macs of course have the weird gamma shift issue because of how they handle color, so Apple’s apps work correctly, but everything else has the wrong tags, so you have to watch your video in an un-color managed app to see what the clips will actually look like.

Now DaVinci Resolve has the ability to change the gamma tag in an exported H.264 clip.

Here is I change the Gamma tag to Gamma 2.4, which is what I am working in to get correct Rec.709 video

If I set the Gamma tag to Gamma 2.4, the exported H.264 video plays back correctly both in Quicktime as well as in VLC. I was hoping this is what Premiere was doing.

Unfortunately I immediately opened my current Premiere Pro 2021 project in Premiere Pro 2022 and did an H.264 export matching the export i did yesterday, and as far as I can tell it is exactly the same as the clip I exported yesterday with the gamma shift and all in Premiere Pro.

I checked out the video info in Quicktime on the clips, and the clip from 2021 and 2022 match exactly like this:

Interestingly a video exported from DaVinci with the Gamma 2.4 tag does show up with different info in Quicktime. It looks like this.

Unless I am completely missing something in Premiere Pro, I am not sure what they actually changed here.

I have posted about this at the Adobe Support community to see if anyone there knows what is going on, or if I have done something wrong, and if I get any responses I will update you.

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