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Yes! I like the tamed down and control over the LED lighting you achieved here. Working with LOG, it appears to be a little bit easier to fix LED over burn. Where I struggle is when someone drops a 709 color space shoot and wants blue LED burn corrected.I was really happy with both of these wedding videos I shot, 6 years ago with the Panasonic GH5 (Raising Cain), and 2 years ago the Mexican wedding with the Blackmagic Pocket 6K, both graded in HDR10, the GH5 shot in VLog-L and the P6K BRAW, both using a fixed WB setting but the temp I don't recall with certainty. The Raising Cain was probably 5200K since it was outdoors, the Mexican wedding likely 4000K to start out for the sodium lights (they come on again at the end), and probably not changed after they were turned off. There's clipping for sure, but the Raising Cain video, outstanding skin tones after a heavy grade. Great band performance by the way, worth a look (and listen) to watch it all the way through.
The Mexican band used laser powered spotlights, extraordinary brightness and power, line array loudspeakers. These were not ordinary cocktail leds, so I would not agree IR, UV or colorspace causes the clipping, the brightness does! Watch them both in HDR if you can. If not, they still look decent imo but there is a definite pop with the HDR and more DR in the grade.
In general, my comment would be that yes, you want them to show up as party colors, but also to reveal the underlying accurate skin tones. It's not an "either or," it's an "and."
If you were trying to do this in camera 709 without a post-grade, hopeless.