neowin[.]net/news/attention-photo-and-video-editors-new-windows-11-bug-can-break-color-rendering/
community.adobe[.]com/t5/photoshop-ecosystem-discussions/color-management-not-working-with-photoshop-and-windows-11/m-p/12469301
It seems that this bug has been there at least since around October, though it could well have been there from the start [ I didn't do all that much digging], with Neowin reporting it now because Microsoft just added it to the list of known issues. They plan [hope] to have a fix by late January, 2022.
From Microsoft:
After installing Windows 11, some image editing programs might not render colors correctly on certain HDR displays. This is frequently observed with white colors, which could display in bright yellow or other colors.This issue occurs when certain color-rendering Win32 APIs return unexpected information or errors under specific conditions. Not all color profile management programs are affected, and color profile options available in the Windows 11 Settings page, including Microsoft Color Control Panel, are expected to function correctly.
Next steps: We are working on a resolution and estimate a solution will be available in late January.
Purely FWIW... I'm lazy, & Do Not like doing extra work... just running Windows is enough work for me. ¯\_(ツ)_/¯
I don't have a problem with updates -- I'm not fond of them by any means, but do like to get them out of the way ASAP. OTOH I do have a problem switching to another version of Windows. It's requires enough time, work, & risk that I won't do it without a good reason. Thankfully, booting to more than one copy/version of Windows has been relatively easy since Vista, and what I've done since then is install a copy of the new version, leaving the existing copy of Windows intact. That way I can try it from time to time to see how it fits with my software & what I do in Windows, but not make the full switch until I feel there's a good enough reason to make the swap. So far I haven't had even a hint of a reason to jump to Win11, even though I belong to the school of thought that it's just a feature update to Win10 [some Microsoft fanboys disagree]. And with this bug I feel justified in taking it slow.
I used that approach with Vista, and never did make the switch from XP Pro. I installed & ran the Win7 preview alongside XP because I got into the Insider program, which at that time meant free software licenses as a reward, using my Vista license on my wife's PC, installing it alongside XP Home. We abandoned XP, Vista on her PC, & later Win7 Only when we had to, pretty much skipping Win8 [I later used the licenses for copies of Win10].
None of that's to say Win11 is necessarily bad -- again, I feel it's just a Win10 feature update, though one that hasn't benefited from much testing, so is prone to bugs. When Win10 broke on my wife's PC I had no problem upgrading that copy to Win11, since I'd have had to do the same amount of work reinstalling Win10, and frankly, other than the new Start Menu, she hasn't noticed a difference. But then she doesn't use Windows for the same stuff that I do.