I took a video levels HLG (with Rec.2020) test clip, converted this clip to V-Log/V-gamut and saved the converted video using data levels.
Comparing the original clip and the converted clip using YRGB Color Managed Science with the proper conversions gave a satisfactory result, however under ACES there was a noticeable shift, predominately in the shadows.

- aces-vlog-rec709.jpg (245.57 KiB) Viewed 824 times

- aces-hlg-rec709.jpg (246.75 KiB) Viewed 824 times
Unless I made a mistake something does not add up, it could be Resolve or some ACES definitions.