mpv with --tone-mapping=bt.2446a (or whichever you like from https://mpv.io/manual/stable/#options-tone-mapping https://mpv.io/manual/stable/#options-tone-mappi

mpv with --tone-mapping=bt.2446a (or whichever you like from https://mpv.io/manual/stable/#options-tone-mapping https://mpv.io/manual/stable/#options-tone-mapping), --hdr-compute-peak=yes, and --target-peak=SDR monitor nits, does the best I've seen yet.