Hey Mark,
I'm on 18.1 build 16 and it's not greyed out. Are you using project wide color management? If so then for raw files the software handles the conversion to timeline color space and then to output color space. If I enable it I run into the same issue as you that the output is clipped without the option to recover so it looks like the conversion isn't handled properly.
Overriding it with the following settings does allow it to 'unclip' making data recoverable when gaining down, but the conversion is faulty so don't use this at all!

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The solution is to set your color management to DaVinci YRGB and then you should be able to access the settings in the camera raw tab on the clip. However it may be more practical to handle it via the project settings so it applies to all your clips. Just use the settings I'm showing above.

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Then as your last color grading node use a CST with these settings. If you're only grading your footage it may be ideal to put the CST node on your timeline node tree so it applies to everything. If you also have titles and other elements then perhaps on the group level after the clip. Otherwise you have to apply it per clip on the grading. Hope that makes sense!

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