The Last of Us Part I - HDR Settings

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

The main peak brightness limit is about 10000 nits. Use your TV's Tone Mapping modes (DTM ON or OFF for LG). 

The Brightness slider adjusts the exposure level of the image. Adjust to an acceptable value so that the image is not dim, but the highlights of the surfaces are not very bright.

The Contrast slider adjusts the black level, adjust to achieve deep blacks but keep details in the shadows visible. Before adjusting, make sure that you have correctly set the black level, gamma and RGB HDR range (full / limited) in your TV settings. The recommended value is 0.

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The HUD Brightness slider adjusts the brightness of the user interface elements (sliders, switch button, etc.), but does not seem to affect the brightness of text.