Hi Steve,
Thanks for using Google and the image. I had to experiment a little to reproduce it.
The color engine in After Effects has no idea what it get sometimes, you need to set up the Color Space for each project, and based on what Ae version you have. When that space is defined, Ae will give you the colors you expect.
.
My suspicion is you missed a step.
https://projectfiles.maxon.net/Cineversity_Forum_Support/2025_CLIPS_DRS/20250820_Wrong_Colorspace_assigned.mp4
Pixels are code for a specific color space, including Gamma.
The ACES specification states that only ACES 2065 (AP-0) needs a colorspace flag set. The ACEScg, which has a smaller space (AP-1), does not have such a suggestion for a flag. ACEScg is supposed to be used internally, never for exchange, hence the idea that the artist knows what they are doing.
So, for years my request was not fulfilled by Adobe to make sure that it recognizes ACEScg or ACES 2065, which leads, obviously, even today to problems.
My best guess is that the image you opened first was left without specifying it as an ACEScg file, and the pasted rendering was converted.
Here is a little video, and I hope it illustrates this problem.
Many people (?) have Photoshop running on sRGB, based on sRGB or perhaps P3 screen, the limitations might not show up easily. Another guess is, that calibrated screens are not the standard.
You might find in the video that I left my screen for this in Low Dynamic, to record it accordingly. We live in an era where more and more HDR is requested, and in the past 15 years, I have advocated here working in linear as it was clear in 2012 with the ACES release that we would get there. Low Dynamic with sRGB will not hold the water when shown close to HDR, like most of the advertisements "breaks" have that Low/ High sandwich contrast, surely if not now then soon.
I mention that, as not diving into Color Management is not an option any longer. I'm surely biased, as an Alumni of the "Colour Academy in Hollywood for professional Colorists", and countless other Color Gradings trainings for around 18 years by now. However, I remember how tough it was to get any information on "where Gamma is stored" while asking in my network in the '90s for help. It took forever to clear that point, yes that was years before YouTube, and web was dial in. It has become more complex these days, but there is a lot of good material available to remedy that.
I hope that allows to reconsider, and dive in. You will feel how much better things go when this theme turns into muscle memory.
Enjoy