At 100% scaling, no issue even at 144Hz (it had issue but after using ClearType Wizard, the issue shifted to 125% scaling).
At 125% scaling, color dots remain regardless of refresh rate. Tried 60, 120, 100, 144Hz already.
At 150% scaling, no issue even at 144Hz.
I also went to the Nvidia Control Panel and under Display->"Change Resolution"->"Apply the following settings", changed from "Use default color settings" to "Use Nvidia color settings". Then, changed the "Output color format" from RGB to "YCbCr444". It does not help. Under "Desktop color depth", I have "Highest (32-bit". As for "Output color depth", I changed from 8bpc to 10bpc. As for "Output dynamic range", I have "Limited" which is the only option. Are these settings correct?
All these tests were done with HDR off. When I turned on the HDR under Windows 10's Settings->Display, the situation greatly improved. Except for the letters i and l which seem to be the worst case, the rest of the letters are made of white dots. For i and l, at 100% they are perfectly white. At 125%, still a little bit red but not as bad as when HDR was off.