Overexposed videos received in iMessage (iPhone 7 issue) - IOS 15.7.3/15.7.4 issue

Apple introduced a problem either in IOS 15.7.3 or 15.7.4 on my iPhone 7. Whenever I receive a video in iMessage (Cinematic specifically) from iPhone 13 or iPhone 14 users, the video picture thumbnail, before playing it, looks fine in my iMessage, but when I play the video, the video appears overexposed in White on my phone. I also notice when playing the video that an "HDR" indicator displays momentarily in the upper left corner of the video (and subsequently disappears), but I'm unsure if that always happened in the past.

I updated to IOS 15.7.5, hoping that it may have been fixed in this version, but the problem persists.

My wife also has an identical iPhone 7, and her phone does not exhibit this problem, but she is running an IOS version prior to IOS 15.7.3.