That looks like you've captured your game footage in HDR but now viewing it in SDR.
VLC is auto converting that to SDR for viewing on an SDR display.
I don't know your experience level and purpose of your game footage but if it's just to upload to web in SDR the 'easy fix' is to convert the footage to sRGB.
Place a Color Space Transform on your clip from the OpenFX effects section in the Edit page.
Then set it to convert Rec.2020/Rec.2100 ST2084 to sRGB/sRGB and make sure Apply forward or inverse OOTF is disabled in Advanced.
- 5.png (22.57 KiB) Viewed 1620 times
This will generally look okay in SDR but UI elements might be very saturated and very bright lights could still be clipped compared to what that all looks like in actual HDR on your HDR monitor when playing, but the same goes for what you view in VLC if you view that HDR file on an SDR display (you can see that in your example on the whites right side of your character).
If your plan is to simply publish your content in SDR to the web I think it's better to also play the game in SDR because the game will output proper colors by itself for that display and the capture will also be in SDR then.
If your plan is to publish in HDR however you will need a little bit of technical knowledge on how to set up your project and export settings for it.
Your only problem is that you can't monitor in HDR in Resolve's viewer on Windows. You will need a separate dedicated video output to an HDR capable display.