CanvasModulate color too bright when using 2D HDR

[reimgrab]

Tested versions

Reproducible in 4.2.2
Not reproducible in 3.x

System information

Godot v4.2.2.stable.mono - Ubuntu 22.04.4 LTS 22.04 - X11 - Vulkan (Forward+) - dedicated NVIDIA GeForce GTX 1050 Ti (nvidia; 535.171.04) - Intel(R) Core(TM) i5-6600 CPU @ 3.30GHz (4 Threads)

Issue description

When using a CanvasModulate with 2D HDR enabled the modulate color is too bright.
Modulate color 1, 1, 1, 255:

The color should be converted to linear space to get similar results to a CanvasModulate without 2D HDR enabled.

Steps to reproduce

-Add Sprite to project
-Add CanvasModulate to project
-Set modulate color to anything besides pure black or white
-Compare 2D HDR enabled to disabled

Minimal reproduction project (MRP)

cm_mrp.zip

[Calinou]

Can you test the latest master branch, now that #92444 was merged?

[reimgrab]

Not fixed in v4.3.beta.custom_build [e96ad5a].

[clayjohn]

As the OP says, the canvas_modulate just needs to be converted to linear in canvas_render_items() before it is passed to the shader

[feiyue-z]

I tried to convert the values in CanvasModulate from sRGB to linear but then I got this seemingly weird result.
I'm new to the project and I'm not quite sure if this is the expected behavior:
2D HDR off

2D HDR on

[reimgrab]

Did you restart the editor after switching to HDR?