@IAmSkippermark: I can now see the problem. I connected my M1 Max MacBook Pro to my HDR/HLG/Dolby-capable LG C8 TV, and it behaves as you described. Quicktime playback shows as HDR, but within the FCP viewer (if connected to the TV), it does not. That is using Sequoia 15.1 and FCP 10.8.1 or FCP 11.0. Unfortunately, I don't have any machines still running Sonoma to test.
MacOS Settings>Display shows "LG.TV" as the color profile, and the HDR option is enabled in the UI.
If I disconnect the HDMI cable from the TV, the FCP viewer displays HDR. That is using an iPhone Rec.2020 HLG Dolby Vision clip in a Wide Gamut library and a Rec.2020 HLG project, with auto color conform on. I tried all combinations of color conform in FCP settings and the Inspector and none of those worked.
So when the MacBook Pro detects the TV is connected via HDMI, it handshakes and this somehow restricts the FCP viewer from displaying HDR in the MacBook Pro XDR screen or the HDMI-connected TV. But it does not affect Quicktime Player display of HDR/HLG content on either MacBook display or the HDMI-connected TV. This implies it is not an HDMI cable issue (although I'm using 8k-rated HDMI cables).
My TV by itself can clearly decode and show HDR HLG content if my TV streams it via ethernet using the WebOS Youtube app from a Youtube HDR channel.
This is a complex issue because several things are happening "under the covers." The playback app (Quicktime or FCP) reads the NCLC tags (aka code points) in the file metadata, the app decides how to handle that, then MacOS ColorSync does a match based on the display device color profile.
Simultaneously there is MacOS EDR (Extended Dynamic Range) technology which modifies the video output IF the internal or external monitor is an Apple device capable of HDR. The purpose of EDR is (1) To squeeze out the best image on an Apple display and (2) To differentially control luminance of the viewer window vs the UI elements. This avoids excessively bright UI elements during HDR playback. There are some WWDC talks on this.
I will have to do further testing and possibly run FCP under XCode to see what is happening. This could take several days.