Changing the max pixel clock might not have an affect but I made overrides with the change anyway for you to try.@joevt That would be great. I tried setting pixel clock in SwitchResX, and didn't detect any changes in behaviors, even after saving and a reboot.
I received the second Cable Matters adapter, and symptoms are also the same. I haven't checked or updated firmware yet, but here's the latest AGDCDiagnose with the new adapter, FWIW:
EDIT: Plugged into the TCL and noticed that HDR seems to work fine in Big Sur, but in Monterey it's tinted pink and washed out. I've added AGDCDiagnose for the TCL in HDR as well.
It was unlikely that another adapter of the same model would see a change. I suppose you should try an adapter that is not the Cable Matters (after you check the firmware).
As for HDR, my testing with that involves just checking if the option exists in the Displays preferences panel for various refresh rates and clicking it on and off.