OK so version 20.0.1 finally fixed this, but with a caveat. If your project is 2K DCI Scope, and I assume other aspect ratios that are not 16:9, you can't use 10 bit YUV because it will chop about 100 pixels from the bottom of your scene. Changing to 10 bit RGB fixes this.
But to me the Decklink output needs to have the same ability to use display LUTs like the viewers. Blender renders in linear, so to view the render like you saw it in Blender, you need to use the OCIO Colorspace effect as the viewer LUT, obviously loading the config.ocio from the current Blender install and setting the same transform that you had in Blender, like AgX High Contrast for example. But the only way to achieve this in the Decklink output is to put the OCIO colorspace as a node after the node you're trying to preview. So if you rendered a multilayer EXR and you "unfold" it to all the passes that you need, like Diffuse, Glossy, etc, if you want to preview the Glossy Color pass for example, you can't just click on it and press 3 to send it to the Decklink card. You need to keep the OCIO Colorspace node and move it around over and over to preview every node that you want, like if you apply a glow to the glossy direct and so on. This is a pain.
I mean, the point of the Decklink card is to be able to preview real Rec.709 and Rec.2020 with HDR, so it seems to me that if the viewers have the ability to have an OCIO colorspace set permanently or at least as permanently as you need, the Decklink output should also have that choice.
And speaking of the OCIO Colorspace LUT for viewers, it's partially broken because if you used AgX Very High Contrast, High Contrast or Medium High Contrast, it looks something like this:

- Screenshot 2025-07-02 125113 (Large).png (788.38 KiB) Viewed 1845 times
Everything below those levels shows fine. Maybe this was a bug before and I didn't see it because I usually render to AgX Base Contrast, so I had been using that, but I wanted to see how it looked with other levels.
This bug is only present in the viewer LUT, because if I add a regular OCIO colorspace node in the layout and set it to Very High Contrast, it looks just fine.