Starfield - HDR Settings

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

The main peak brightness limit is about 500 nits on the planet and about 820 nits in space. Use your TV's Tone Mapping modes. 

In addition, even in SDR mode, the game suffers from poor black levels due to the visual style, which is why the colors look washed out and the contrast is insufficient. In HDR mode this gets even worse, possibly due to problems with the RGB range (full / limited).

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You can try this method to fix the black level:

Go to the console menu to video fidelity / overscan and change color space to PC RGB. Also set your TV settings to Low or limited black level.alert-info

Also you can use the SDR game mode by disabling HDR in the console menu, or try to compensate for the black level using the TV settings. For the PC version, you can try using ReShade or mods.