You can look at the OSD for rendering steps. It does not run any tone mapping in HDR pass-through. Assuming of course you turned pass-through on, which is off by default, and you did not point it out specifically in your options.
Wouldnt you want your TV to tonemap so all is visible? If anything, this sounds like the desirable result over madVR.
Windows can actually take HDR Screenshots in JXR format, although analyzing them is a matter of tool support then (Using Win+G in the Game Bar, screenshots in HDR mode take there will save as .jxr as well as .png)
"HDR + WCG Image Viewer" reports the estimated max brightness of my JXR screenshot at 9849, close enough to the full 10k for me, considering I don't know how good that tool is, and at the high brightness levels even small errors result in high nit differences, and JPEG-XR support seems very bad over the ecosystem of tools I use.
Also when testing pass-through always go full-screen, it doesnt pass metadata in windowed mode (a limitation of the swapchain, I assume. Windows just doesn't care about the data unless its fullscreen)
Your sample certainly looks overblown on my desktop HDR screen, but that one doesn't have super tone mapping. Looks fine with HDR to HDR tone mapping on.