The HDR implementation in Windows 11 is fine. And it's not even that bad in 11 in terms of titles and content officially supporting HDR. Most of the ideas that it's "bad" comes from the "cheap monitor" part, not windows.
I have zero issues and only an exceptional image on W11 with a PG32UQX.
Also if you get flashbanged by SDR content on Windows 11 there is a slider in HDR settings that lets you turn down the brightness of SDR content. I didn't know about this at first and had HDR disable because of this for a long time.
I have zero issues and only an exceptional image on W11 with a PG32UQX.