Hello,
That adapter does NOT do ANY colour correction today. This means it displays what it gets. I advise you change the TV settings so colours are displayed properly. Other settings on the adapter were decided by the manufacturer and are not changeable.
For the video, try Film and TV which runs with GPU acceleration. For my Intel i7 Surface Pro 3 on Windows 10, a 4Kp60 video decoding is awful on the native display with VLC and all smooth with Microsoft Film and TV.
Regards,
Alban
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