Initially I thought this was a failure to decode or display in 10bit HDR, but the more I read and poked into debugging output I began to suspect something different, which I have just confirmed: VLC3 selected a different colorspace than VLC4. My monitor Here's what I saw:
Both players selected direct3d11 output.
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main debug: using vout display module "direct3d11"
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direct3d11 debug: Created the D3D11 device type 1 level b100.
direct3d11 debug: NVIDIA WDDM driver 30.0.14.7168
direct3d11 debug: supports colorspace RGB Rec.709 gamma:22 range:FULL
direct3d11 debug: supports colorspace RGB Rec.709 gamma:22 range:STUDIO
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:22 range:STUDIO
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:22 range:FULL
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:2084 range:FULL
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:2084 range:STUDIO
direct3d11 debug: Output max luminance: 400.0, colorspace RGB Rec.709 gamma:22 range:FULL, bits per pixel 8
direct3d11 debug: using colorspace RGB Rec.709 gamma:22 range:FULL
direct3d11 debug: Using pixel format VA_P010 for chroma DX10
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direct3d11 debug: Using pixel format VA_P010 for chroma DX10
direct3d11 debug: UpdateRects source offset: 0,0 visible: 3840x1600 decoded: 3840x1664
direct3d11 debug: UpdateRects image_dst coords: 0,0 3840x1600
direct3d11 debug: supports colorspace RGB Rec.709 gamma:22 range:FULL
direct3d11 debug: supports colorspace RGB Rec.709 gamma:22 range:STUDIO
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:22 range:STUDIO
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:22 range:FULL
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:2084 range:FULL
direct3d11 debug: supports colorspace RGB Rec.2020 gamma:2084 range:STUDIO
direct3d11 debug: using colorspace RGB Rec.2020 gamma:2084 range:FULL