Ultra HDR is a true HDR image format, and is backcompatible. libultrahdr is the reference codec for the Ultra HDR format. The codecs that support the format can render the HDR intent of the image on HDR displays; other codecs can still decode and display the SDR intent of the image.
See e.g. MSYS2 UCRT64 (GCC 14.2) package build log:
https://github.com/msys2/MINGW-packages/actions/runs/10597101135/job/29366506161?pr=21769#step:11:319
Clang 18.1 in the CLANG64 environments seems to be silent:
https://github.com/msys2/MINGW-packages/actions/runs/10597101135/job/29366506516?pr=21769#step:11:303