Fun fact: On "XDR displays" (such as recent MacBook Pros and also Apple's new Studio Display XDR), you can actually decrease the display brightness to see more dynamic range.

Here is a recording of this happening for those who can't experience it for for themselves:

https://logandark.net/files/2QN2R1P3-26295O2O-9045N31P-P2POQ... (6.7 MB / 6.4 MiB)

(sorry for the terrible quality, it was a very lazy recording)