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This is was Godot did before. Unclamped HDR input/editing/processing, than tonemapping for SDR output (0-1) plus grading. Now you can output HDR (not clamped to 0-1). However, you will lose some tonemappers and all grading (!) and most HDR-TVs (I saw) can't display HDR correctly

Now I'm curious - do most engines handle HDR poorly because they just output the pre-SDR values without further processing? Because I would have made that same assumption, knowing little about exposure/colorspace.

No, let me try to rephrase that. Godot or other engines don't handle HDR poorly. TLDR: HDR did a bad job, when trying to fix SDR's bad job. We as consumers picked after a while screens that displayed SDR content decently on various conditions (take your fav movie of the 2000s). As creator you...