Yes, this is why I don't know exactly what is going on.
If you interpret clip and set all other settings to Rec.2020 then in theory it should work, but it doesn't.
Maybe limiter on export is broken, but if other tools show it's within P3 then no idea

Maybe Resolve always expands it internally to something "big".
Is it definitely within P3?
It needs to have last frame checked in Iris as this one apparently goes out.