It's HDR at the world data level, but SDR at the rendering level. It's simulating the way film cannot handle real-life high dynamic range and clips it instead of compressing it like "HDR" in photography.
> Instead of compressing it like "HDR" in photography
That's not HDR either, that's tone mapping to SDR. The entire point of HDR is that you don't need to compress it because your display can actually make use of the extra bits of information. Most modern phones take true HDR pictures that look great on an HDR display.