Originally Posted by metroidfox
Agreed on the points about HDR.
However, for SDR I found yours + Trunk0's comments about not touching the contrast a bit surprising, so I tested it with the Windows calibration tool:'Cinema' in SDR seems to be calibrated bright (100%) on my monitor. It also locks contrast to 70%. If I turn the brightness down to 18%, it definitely makes the shirt look washed out. Knocking the contrast down stops it from clipping as you mentioned.
Regarding not messing with the contrast control on LCD's I'm just echoing the advice that I've heard from experts at monitor calibration.
My understanding of how the contrast control works on LCD's is that it sort of mimics how CRT contrast worked by adjusting peak white level. On an LCD if you raise the contrast over the default you're usually going to clip white losing any detail in highlights, and when you lower it you're just limiting it and by extension the actual contrast ratio of the monitor.
Neither are good so it's better to adjust the gamma curve instead to fix any issues.