Red tint with nVidia proprietary drivers under X.org

Affected version

GNOME Shell 40 Arch Linux with all current packages

Bug summary

Display colors are skewed with GNOME Shell under X.org. Apparently this is not a result of the night light feature which, when enabled, will make things worse. Overall the display is a little darker than normal and has a clear red tint in gray areas. The interesting part is that this is not the case when running under Wayland, so it seems to relate to the X.org server. However, GNOME Shell 3.38 on X.org will not exhibit this issue.

Steps to reproduce

Install GNOME Shell 40 and start with GNOME on X.org session

What happened

It colored my screen reddish when it shouldn't.

What did you expect to happen

I expected it to show colors as normal, like it does on Wayland.

Relevant logs, screenshots, screencasts etc.

No idea what/if I should provide here.