I was struggling with color problems with my Mac Mini M1 and Dell U3219Q too: Gamma seemed off (blacks way too bright), orange colors looked horrible, and eventually I discovered that the monitor was operating YPbPr mode all the time. I tried creating EDID overrides with patch-edid.rb on an Intel Mac, even used an EDID editor to double-check that all YPbPr/YCbCr modes were disabled (
https://www.analogway.com/emea/products/software-tools/aw-edid-editor/). While I did manage the EDID override files to get accepted by Big Sur, it did not have any effect on the color mode either in USB-C or or HDMI connection (the product ID is different for these modes, by the way).
What seems to have worked for now, strangely, is connecting to USB-C, enabling "Smart HDR: Desktop" in the display OSD settings (I had it disabled earlier), but NOT enabling HDR in Mac Display settings. Display is now RBG mode even after sleep & wakeup. Haven't tried rebooting yet (fingers crossed).
Please, all who are encountering such issues, give feedback to Apple:
https://www.apple.com/feedback/macmini.html
It's really embarrassing that this issue hasn't been properly fixed after years.