HDR is broken?

https://preview.redd.it/ecycy72t3e6g1.jpg?width=2560&format=pjpg&auto=webp&s=5d5b86e20756c4eb474d8479ca70501433568b7a

I haven't touched this setting since I set it up at launch, but decided to check it after the patch and saw this mess. Also, that checkered artifact on the left is bothering me. No matter how much I tweak it, it feels like nothing actually changes in-game. Has anyone else run into this?