I did my own experimentation, and it looks like”Raw Exposure Bias” EXIF field is updated when the DR level changes. For my camera (Fuji XT-4), I have noticed the following mapping between DR level and “Raw Exposure Bias” value:
DR100 -> Raw Exposure Bias -0.7
DR200 -> Raw Exposure Bias -1.7
DR400 -> Raw Exposure Bias -2.7
Manually adjusting exposure gets the RAW file pretty close to the JPG preview, however.
I am not a digital photography expert, but from a little bit of internet searching, it looks like it is “normal” for Raw converters to take into account this EXIF field when rendering a RAW file. Because Apple doesn’t support compressed RAW files and Nitro needs to manually add support, is it possible that EXIF field is not getting taken into account?
On my camera I don’t think you can turn off this Dynamic range expansion setting, which means even if I set my camera to DR100, all my compressed RAF files get rendered by Nitro 2/3rds of a stop under. Hopefully I can fix this with a preset, but it would be great if the upcoming improvements for Nitro compressed RAW handling also looked at this issue.