Thanks for the tips, everybody. I ended up interpreting the footage in the REC.2020 color space and using a custom LUT to further fix the image. I realize this is not a bug per se, but rather an attempt to have Premiere utilize HDR footage properly. That said, there’s probably a more user-friendly way to accomplish it. The color space it chose by default was clearly incorrect.
Anyway, it worked out. I lost some hours but thems the brakes. Appreciate the help.