I've continued to test this issue, and I have more definitive data about what's not working at least on my machine. I'm referring specifically to a Resolve or Mac decoding bug for internally recorded ALL-I h265 (HEVC) movies from a Fuji X-T3.
Mainly, I've verified that a ProRes422HQ transcode in EditReady of the internal h265 footage, interpreted as Full levels in Resolve, will then display the image correctly as I would expect the h265 version to display it. This was the way Resolve 15 worked. Even when set to Full levels, the h265 is displaying forced Video levels, and is clipping shadow and highlights so they are not recoverable. Clipping is evident in the h265 regardless of how data levels are interpreted.
Is anyone else seeing this behavior, or is it peculiar to my Mac?
I've updated to Resolve Studio Beta 4 and Mojave 10.14.5. One thing I'm not clear on is if my Macbook is using the T2 chip to decode h265 and Resolve is relying on that, and if the issue lies there.
I should have tried this initially, but I did the lens cap test on HLG and F-log footage. I accept that most of the time ProRes data levels are meant to be interpreted as video levels, but for this camera the image is recorded at Full levels so in this case, the transcoded ProRes is correct when displayed at Full levels. Similarly, for the version of HLG it's recording, as per the HLG white paper, it's nominally using 0-1023, aka the Full range version of HLG.
Lens cap test with F-Log:
When I import the lens cap test to Resolve (one shot on h265 and the other transcoded to ProRes) and intrepret both as Full levels, the ProRes version comes in correctly, with the black level at 95 on the waveform as per the F-Log spec. The h265 version comes in as Video levels with black sitting at 36. If I apply a corrective Full to Legal LUT the black level then matches the ProRes version (95). The data below video levels is getting clipped in this scenario, but it's not evident in this test.
Lens cap test and photographed scene with HLG:
Black is nominally recorded at 0* in HLG but for the h265 version imported at Full Levels I'm getting clipping in the shadows even with a correctly exposed scene. As already mentioned, the image matches the contrast as if Video levels were applied. If I import the transcoded ProResHQ at Full levels, the shadow detail is there. If I apply the Full to Legal LUT to the h265, the waveform and visual contrast matches the ProRes Full levels, except the values getting clipped out are represented by a thick line showing where it's clipped.
*The actual recorded HLG min black value for the lens cap test is 32 in HLG log code values even at Full levels, but that's because in my experience with this camera, the HLG is recorded overexposed by 1 stop. Grading the exposure down by 1 stop in Resolve sets the black on the waveform very close to zero when HLG is converted to linear light (gamma 1.0). This is verified with footage of a grey card where the incident exposure was measured with a light meter. Dropping the exposure by a stop in post exposes it correctly down to around .18.
I've attached waveform screen grabs for h265 and h265 converted to ProRes, where you can clearly see the clipping in the h265 version.
h265 clipped shadows, full data levels, HLG:

h265 to ProResHQ in EditReady, Video data levels (so waveform matches), no clipped shadows, HLG:
