Question SDR looks better than HDR, is this normal?

Hi, I have a Dell AW3423DWF OLED monitor with Windows 11 and colors look washed out in HDR compared to SDR. Is this a bug? I have the newest firmware and HDR seems to be working as I can see that white highlights are brighter in HDR. Black is much darker in SDR and looks better. HDR is too bright and hurts my eyes, it doesn't look natural. Colors are more saturated in SDR. Should I RMA my monitor or is this normal?