Some thing is happening.... white washing my video

When I view my raw footage on my iPhone the video looks good. When I xfer it to my M1 iMac and play it looks fine. When I view the files in my inspector window they look fine. However once Ofer xfer the clip the timeline it becomes white washed and or overexposed... and I can't correct it enough to make it look good. I've also tried exporting the video to see if it's just some glitch in the viewer, but it's not... the exported video looks exactly as it does in the timeline. Not sure what's happening here but it seems as though it's something pretty basic I'm just not getting/understanding it.

My system: 2022 M1 iMac running most recent OS (Ventura 13.0.1) and FCP (10.6.5) versions as of this date.

I have my default import to balance color. (Yes, I've tried turning off the color balance.) My project is set to 1080P 30p frame rate with Apple ProRes 422 which is what I'm recording on as well with my iPhone.

Not sure what's happening but I would really appreciate any help.

Thanks in advance.