I gotta disagree with the Stardock "party line" concerning requirement / usefulness of HDR in Win 11. Win 11 supports it, WB11 does not, therefore WB 11 is not Win 11 compatible. I understand HDR compatibility was nerfed to fix another issue, so now it's really not compatible on 2 points. I'll continue to follow development, but don't tell us "you don't need that feature of your OS to buy our software".
Unless you have an OLED display or very high end monitor/TV HDR mode really is pretty much useless. The majority of 'hdr capable' monitors sold are nothing of the sort, sure they accept the input but it is not a HDR experience. I have one on my desk which gives everything a blue tint for example when enabled. HDR is often a marketing point in the same way as pretty much anything over 3000:1 contrast ratios (Excluding OLED / local grid array backlights)
Enabling it will negatively impact performance as additional work is done converting everything from SDR to HDR. This additional work is the reason the black issue is showing up as in HDR mode things are not entirely compatible with SDR mode.
We are working on a workaround for when HDR is enabled, but we are liable to warn the user that they should consider disabling that feature unless they really need it enabled as it will come at a performance cost.
All of this is because we had to work around a bug in the Windows 11 Desktop Window Manager.