The maximumExtendedDynamicRangeColorComponentValue should provide some value between 1.0 and maximumPotentialExtendedDynamicRangeColorComponentValue depending on the available EDR headroom if there is any content on-screen that uses EDR.
This works fine in most scenarios but in macOS 26 Tahoe (including in 26.2) this seemingly breaks down when a third party external display is in HDR mode and the Mac goes to sleep and wakes up. After wake only a value of 1.0 is provided by the third party external display's NSScreen object, no matter what (although when the SDR peak brightness is being changed using the brightness slider, didChangeScreenParametersNotification is firing and the system should provide a proper updated headroom value). This makes dynamic tone-mapping that adapts to actual screen brightness impossible.
Everything works fine in Sequoia. In Tahoe the user needs to turn off HDR, then go through a sleep/wake cycle and turn HDR back on to have this fixed, which is obviously not a sustainable workaround.