I moved your post to the Bug Reports section as it was in Suggestions and added info to the title for clear reference.
Thank you for reporting this issue and providing that screenshot. From this information I can tell that this is an issue the team are aware of that is occurring with the HDR settings. While the team are working to resolve this issue, the menus should return to normal if you turn HDR off on both your Console and your TV.
I understand turning these settings off is not ideal, but I hope that it may help in the meantime while the team work to release a fix for this.