Currently screen shots are coerced into standard color ranges, meaning you cannot take an accurate screen shot of the screen when ultra bright HDR content (or possibly ultra black HDR content) is shown.
Is there any solution for this, at present?
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Ah, I can repro this, and have a workaround. Strangely, it seems like if you take an "entire screen" screenshot, e.g. with ⌘⇧3, it compresses the colour gamut down to sRGB:
But if you take a screenshot of part of the screen or a specific window, e.g. with ⌘⇧4, it leaves it in your display's colour profile:
So you can simply use ⌘⇧4 and drag the crosshairs to cover your entire display. Strange difference, but there you have it. I can verify the different profiles using Get Info in Finder:
I'm also using a MacBook Pro with M1, and these screenshots are of wide-gamut.com/test
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I cannot repro your issue.
The following tests were all done on a non-colour-managed M1 iMac [with a Display P3 screen], using the Apple-supplied default display profile & Safari [built primarily on WebKit].
My main work Mac is fully colour-managed so I have checked my results on there - but it is qualified only up to Adobe RGB 98, a smaller gamut but still a lot larger than sRGB & one which is widely used for professional photographic work. I can still see that the images are 'in the ballpark'
Using example images from WebKit org & screenshotting each, rather than importing the original files. This gives them all the same colour profile, that of the Mac's display. [I've then had to drop them to smaller jpg to be able to upload here, but that hasn't affected the profile or colour repro.]
If especially the yellows & oranges in these images look the same between the sRGB & P3 variants, then there is a profiling issue in your browser. Try Safari, which has good, usable defaults.
To investigate further we need to know your workflow - what the input profiles are, what file types, what app is being used to view & what colour settings it's using.
Browsers such as Chrome & Firefox have some odd defaults which may need changing. Photoshop is frequently set up wrongly for colour workflow by unsuspecting users.