Vesku,
You're not really looking at "stops" at that point, because the stop unit defines a doubling of light, and your display doesn't have enough contrast/brightness to display range. Thus the "compression" that you refer to.
Thanks for thinking this with me. I have a TV with 1:4000 contrast and OLED has even much more. 1:4000 is exactly the light doubling 12 times. We can SEE much more than 12 stops with OLED. If a 8bit rec709 video has recorded/compressed 12 stops of light and I can see it how can someone say it is not possible or that I am sharing misinformation. GH5 HLG is very welcome update. Finally we can capture and SEE very wide DR without paid vlog and even with a good SDR TV/display.