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Dell GHN (Get Help Now) chat technical support must verify the ownership and warranty status. Click the blue "Get Help Now" on the right to start a private live chat session. Share the private Dell monitor Service Tag with them. Once verified, they will troubleshoot with you.

Before our users can correctly assist in troubleshooting, post your specific Dell computer model and operating system.

By assigning as default display profile in your OS control panel an ICC profile that matches the behavior of the OSD preset + other configuration (like those fake HDR modes) that you have active, BEFORE opening Photoshop.

Changing OSD settings in gamut or gamma while photoshop is opened requires to do the same as above and then restarting photoshop.

Example:
You have a P3 display and you or dell driver has installed an iCC profile named "my_dell_display_model.icm" which stores native gamut close to P3, and set this icc profile as default display profile in Windows Color Management.
You change OSD to sRGB preset for whatever reasons and open Photoshop. Photoshop, by display profile information ("my_dell_display_model.icm") will think that display is behaving like a P3 display... but by manual OSD change you made it behave as sRGB. All looks desaturated because user (you) do not know about color management.

Default display profile in OS control panel must match monitor behavior (by OSD preset or Hardware calibration). Change something in the right, you have to change it in the left.

IDNK if new DDM 2.0 is able to change default display profiles when you change from one OSD preset to another.
Older DDM 1.x did not