Did not go ahead with the purchase. Went to store and tried changing power saving settings as well as rest picture settings to default.
Almost all the content i watch is HDR and a lot of it is lot of content I watch is dark (actually true for most content these days for some reason).
The lack of detail in such scenes was not something I would expect from a reasonably expensive screen - least of all, i woudn’t have expected it to be worse than a 7 year old TV.
Researched a bit more on the web and while there are a lot of folks complaining about the near complete lack of detail in blacks on LG esp on reddit, very few YT reviews cover it.
Here is one I could find though from Vincent Teoh. What you see in the first 1 minute is very close to what my primary reason to cancel the purchase was