So this is interesting...
Just for giggles, I started a screen recording, did some scrolling on this site and observed the text dimming/changing yellowish. Then I played back the video (on the same iPad), and the text stayed white! Thought that was interesting, so I tried again with Notes (to see if maybe it was a Safari issue in my case), and had the same behavior.
Again, I have the M1 iPad Pro, True Tone is on, and Night Shift is off for me.
I'm curious...how does video playback of recorded screen capture of you scrolling look on M2 iPads? If it plays back white for you too, I think it's just further proof that it's a software issue and not a hardware issue with the display/pixel response time.