@Andy Miller Photo UK
if you look at the video Steve posted you'll see the shadow areas were significantly impacted in an adverse way.
I obviously watched Steve vid too quickly -- I thought it was a comparison of the HEIF and JPG -- but NO it was of RAW files and based on my test and Steves analysis I am reminded Nothing is For Free -- YES stick with SDR
I simply do not understand why the RAW data is impacted by this choice.
I do not use NX Studio - but I do use Capture One and LRC -- Thom Hogan's initial thoughts are C1 does not yet know what to do with HLG. I wonder if LRC/ACR does either.
More testing is needed - but for now I will follow Steves advice -- keep it in SDR which gives great predictable results.
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