I did some more research on this topic. Win 11, nVidia A4000 GPU, Eizo CG3730 in AdobeRGB Mode.
To exclude any other cause (utilities etc as you suspected), I ran a side-by-side comparison of the same reference image
(ColorChecker image in AdobeRGB color space) in Photoshop and Qimage on the same Display.
The image in Photoshop is always displayed correctly, but when ACM is ENABLED for the monitor and the ICC compatibility mode
is DISABLED for Qimage.exe, the reference image in Qimage is displayed desaturated (like displayed an a sRGB Monitor).
The selected Monitor Profile in Qimage has no effect on the display in Qimage. It is only used for softproof (in all configurations).
Since the ACM feature is mostly beneficial for HDR monitors, I will disable this feature.
But I keep the ICC compatibility mode for Qimage.exe enabled in case I (or windows on an update or otherwise) accidentally enable ACM again.
Regards
Reiner