Look up Chroma Sub-Sampling. It is a way for the GPU to compress the video before sending it to a monitor that can't handle the bandwidth.
Check your display modes. 4:4:4 is normal, many monitors compromise at 4:4:2 to reach high refresh rate.
I assume this is it, not an exact match to your info there:
https://www.rtings.com/monitor/reviews/samsung/odyssey-g5-lc27g55t
Monitor doesn't seem to have local dimming at all. So that is purely the monitor showing the color of what it is being sent. So back to compression.
Now they claim HDR 10, but it is disabled on your screenshot. High Dynamic Range may also be contributing to this, make sure it is off in Windows as well for testing. Probably not something you necessarily want on in games. HDR is another bandwidth consuming feature that may be forcing compression.