Unexpected result of Gamut Mapping in RCM/DWG

I have found a puzzling behavior of the Gamut Mapping FX when used in a Resolve Color Managed Project in DaVinci Wide Gamut.
I have for years used the Gamut Mapping FX in Saturation Compression mode to tame chroma overshoots. It does a nice job. I had not been using any Resolve Color Management.
With Resolve 17.x, I have been experimenting with the new Resolve Color Management and DaVinci Wide Gamut. My input and output color spaces are Rec 709 Gamma 2.4.
If I add the Gamut Mapping FX to my node tree, it immediately clips all values over 100 nits. This is not what I expected.
Is this expected behavior, and why? Is there any way to get it to work in RCM+DWG as it did before, just compressing chroma and not clipping luminance? It works as expected in RCM in Rec 709 Gamma 2.4.
Test system:
Resolve Studio 17.1.1 Build 9
Desktop Video 10.11.4
Decklink Mini Monitor
Win 10 Pro 1909 build 18363.1379
ASUS X99 Deluxe II
Xeon E5-2696 v4 2.2 GHz
64GB RAM
2 x 1080Ti
Nvidia studio driver version 461.92
I have for years used the Gamut Mapping FX in Saturation Compression mode to tame chroma overshoots. It does a nice job. I had not been using any Resolve Color Management.
With Resolve 17.x, I have been experimenting with the new Resolve Color Management and DaVinci Wide Gamut. My input and output color spaces are Rec 709 Gamma 2.4.
If I add the Gamut Mapping FX to my node tree, it immediately clips all values over 100 nits. This is not what I expected.
Is this expected behavior, and why? Is there any way to get it to work in RCM+DWG as it did before, just compressing chroma and not clipping luminance? It works as expected in RCM in Rec 709 Gamma 2.4.
Test system:
Resolve Studio 17.1.1 Build 9
Desktop Video 10.11.4
Decklink Mini Monitor
Win 10 Pro 1909 build 18363.1379
ASUS X99 Deluxe II
Xeon E5-2696 v4 2.2 GHz
64GB RAM
2 x 1080Ti
Nvidia studio driver version 461.92