No tone-mapping for HDR content on non-HDR monitor

As far as I can tell, when watching HDR content, VLC seems to not able to tone map HDR content to SDR color space. I tried to look into the settings to improve the video output to no avail.

Just for the sake of argument, I compared the output of MPV vs. VLC on the same content (HEVC 10bit), here is a screenshot (left -> MPV, right -> VLC):

Do not hesitate to ask for logs or more details.

I am running VLC 3.0.16 on Linux, using software decoding.

Here is the standard output with info logging:

~ vlc
VLC media player 3.0.16 Vetinari (revision 3.0.13-8-g41878ff4f2)
[00005646afd0b5b0] main libvlc: Running vlc with the default interface. Use 'cvlc' to use vlc without interface.
[00005646afda9e30] main playlist: playlist is empty
[00005646afddbea0] main audio output error: too low audio sample frequency (0)
[00007fdd38d2a4c0] main decoder error: failed to create audio output
[00005646afddbea0] main audio output error: too low audio sample frequency (0)
[00007fdd38d2a4c0] main decoder error: failed to create audio output
[00005646afddbea0] vlcpulse audio output error: digital pass-through stream connection failure: Not supported
[00005646afddbea0] main audio output error: module not functional
[00007fdd38d2a4c0] main decoder error: failed to create audio output
[00007fdd20004460] gl gl: Initialized libplacebo v4.192.1 (API v192)
libva info: VA-API version 1.13.0
libva info: Trying to open /usr/lib/x86_64-linux-gnu/dri/nvidia_drv_video.so
libva info: va_openDriver() returns -1
[00007fdd20004460] glconv_vaapi_x11 gl error: vaInitialize: unknown libva error
libva info: VA-API version 1.13.0
libva error: vaGetDriverNameByIndex() failed with unknown libva error, driver_name = (null)
[00007fdd20004460] glconv_vaapi_drm gl error: vaInitialize: unknown libva error
libva info: VA-API version 1.13.0
libva error: vaGetDriverNameByIndex() failed with unknown libva error, driver_name = (null)
[00007fdd20004460] glconv_vaapi_drm gl error: vaInitialize: unknown libva error
[00007fdd20004460] gl gl: Initialized libplacebo v4.192.1 (API v192)
libva info: VA-API version 1.13.0
libva info: Trying to open /usr/lib/x86_64-linux-gnu/dri/nvidia_drv_video.so
libva info: va_openDriver() returns -1
libva info: VA-API version 1.13.0
libva error: vaGetDriverNameByIndex() failed with unknown libva error, driver_name = (null)
libva info: VA-API version 1.13.0
libva error: vaGetDriverNameByIndex() failed with unknown libva error, driver_name = (null)