Difference between Wide Gamut and SDR Rec 709 Presets?

First let me say I am a total newbie when it comes to editing and color grading. But I can see some differences in behavior between Wide Gamut and SDR Rec 709 presets which seems wrong to me.

My project color science is set to Davinci YRGB Color managed
Resolve Color Management Preset is set to SDR Rec.709
Output Color Space is set to Rec.709 Gamma 2.4.

I have a time line that literally has nothing but a text+ clip with all the default settings. The text color is set to #FFFFFF.

The parade scope shows RGB all pegged out at 100. And it looks bright white in the viewer. So far so good.

Next I change the Resolve Color Management Preset to "Davinci Wide Gamut." I leave the Output Color space to Rec.709 Gamma 2.4.

Now the viewer shows the text being much dimmer, more of a grey. And the Parade scope shows the RGB values maxing out at just under 768.

So using Wide Gamut the text title just looks ugly. No way to get a bright white that I can see.

I don't know which preset is right and which preset is wrong. But it seems to be that an #FFFFFF color on a Rec.709 Gamma 2.4 Output color space should render the same under both presets.

Calvin Powers

I assume it should. Must be a bug. Ver 17b7 is strange.
For example Output Color Space setting is not really working. I expect timeline settings to be converted to output color space (almost sure this is how it use to work). Now it does nothing or something strange, but definitely not an expected conversion.
What is the point of having timeline and output color space then?