Far Cry New Dawn - HDR Settings

The peak brightness in the game seems to be fixed and not adjustable. This game does not seem to use the PS4, PS5 & Xbox HDR system calibration settings. 

Before adjusting, make sure you have set the TV settings correctly.

The main peak brightness limit is about 2300-2400 nits. Use your TV's Tone Mapping modes.

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Paper White slider adjust the exposure of the image. To adjust the exposure, adjust the Brightness slider to your preference. This parameter also affects the brightness of the UI. Use the screenshot below to understand the effect of the option on the image.