And is this the same phenomenon we see when colours appear less saturated during the middle of the day versus dawn and dusk (when luma contrast is reduced)?
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Because you did not also increase the chroma contrast. As a 1st order approximation the perceived saturation goes with the chroma : luma ratio, best kept constant.
No, that would be due the Hunt effect, and it is a matter of human color appearance versus simplified math. https://en.wikipedia.org/wiki/Color_appearance_model