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Tested quite a bit. There is massive flicker on grays. Even with adaptive sync turned off, and at all refresh rates, and all color modes. Variable refresh rate is not selected in Mac either. Not sure if it affects HDMI.
Somehow the image seems much more pleasant with DP 1.2 instead of DP 1.4 or DP 1.4(DSC). Tried all with the same color profile, as 60 hz. No idea tbh. Didn't find a quick way to check if Mac uses something else to process the signal for the old standard.
Sorry for the tag, but I've since then come across a few reviews of OLED panels using the SVM metric (devised by Philips) for evaluating temporal light modulation behavior.

80 nits is quite a substantial drop.
Not only that:

X-axis is grayscale (RGB values)
Y-Axis is SVM values (SVM =1 is modulation that 50% of people can perceive)
https://www.visosystems.com/media/TLA%20Tutorial%20EU.pdf
I'd argue that even the SVM<0.4 value that the EU proposes are not low enough for most.
This has definitely something to do with the gamma curve and black crush of OLEDs as a whole, would be interesting to tinker for people trying to use OLED smartphones.
For example:
- Using light mode on phone (funny how it's the opposite of what everyone recommends for OLEDs)
[I've personally found this to somewhat alleviate my issue on my AMOLED phone, not fix it entirely however as you're not eliminating the brightness drop + you're forced to use max brightness to avoid PWM]
- Forcing lower contrast (so the font isnt too dark when on light background),
- Using black equalizer on desktop displays (which support it) to brighten darker shades of gray