I'm finding that too. I did a test a while ago where I shot in Rec. 709 color with s-log2 gamma, thinking I could skip the Rec. 709 conversion LUT, but it turns out the blue (and sometimes the red) channels can be blown out--even with the saturation set at zero. I don't see this problem yet with sgamut3.cine.
It's an extra step to add the Rec. 709 LUT, and it degrades the footage slightly but so far it's better.
+1
I'm not a colourist, but Slog2/sgamut3.cine with film convert seems to work well on the A7sII.