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What fixed it for me was changing the refresh rate of the monitor from 60Hz to 75Hz, and suddenly it worked, displaying all correct and sharp on the monitor.
 
I have a oldschool intel Macbook Pro 2019 and a M1 Max

- Intel Macbook Pro: Looks awful but slightly more usable with High Dynamic Range off. Have to scale resolution.
- M1 Max 2020: Displays at native resolution 1000x better and sharper, don't need to adjust anything

Unfortunately I think the "old" ones are just too weak to display properly. I recommend you shell out a few k for an M1 Max ;) The Intel's feel so primitive after, you can hear the fans and it gets hot and stuff (M1 is a silent ninja)

EDIT: I installed the LG monitor app from App Store as someone said. I then turned off scaling in Mac Display settings and set scaling back and now font clarity is much more useable (still crap compared to M1 Max). Unsure if it was that software or simply switching scaling off and on after turning High Dynamic Range off.
 
I'm currently running the LG '5K2K' 34WK95U-W via my 13" 2016 MBP and it looks phenomenal. I briefly tested the ultrawide Samsung CRG9 49" monitor and, try as I might, the text and overall resolution looked abysmal. I, too, chalked it up to Macs not being able to handle screens of that size.

Here are my settings:

View attachment 1689793

View attachment 1689794
This is a super late reply and all, but wanted to express my thanks if you are still around.

I was getting weird resolutions via a Cal Digit USB-C Pro Dock and was ready to send this exact same monitor back. That is until I decided to use the TB3/4 cable that it comes with and plug directly to my 2020 Mac. I was then presented with the resolution you are using and looks great!
 
What worked for me was installing the new drivers that are here: https://www.lg.com/us/support/software-firmware-drivers. My monitor is the LG 27UK850-W. Suddenly it did not work anymore and just gave the 'no signal' message when plugged into my macbook Air. I installed the Mac_OSC_5.75.zip file from the driver site, restarted my computer and then the monitor worked fine again :)
 
Hi: I see some answers here that suggest - two years on! - somebody might have related wisdom for me. I am having an issue with an LG HDR DQHD operating beside/with an iMac. I am running Ventura 13.5. What I've noticed lately, and seemingly since I installed Ventura, is that the LG display spills over into the Mac monitor, occupying maybe 5-10 of available space of the latter. See attached screenshot. Any idea what the *** this is? I have tried multiple options relating to the display/resolution settings, but to no avail.
 

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