Does anyone know why ACES in Substance look so contrast and over-saturated ?

gnoop

While in any offline render it's subtle  . I load ACES 1.1 config.ocio   in Blender, set all materials to use  utility- sRGB texture , HDRI background to  linear sRGB   and  see nothing especially contrast  or darker in midtones.  It tame down overexposed areas as expected  but nothing drastic otherwise .   While our render looks exactly like in Substance.  All midtones go down  and more saturated.

Chat GPT says it's expected since ACES is supposed to have a look of a positive film   (more contrast) for less milky look when you sit in perfectly dark room of typical cinema .   Still I see no drastic change in offline renders usually.  

Is it just an illusion and  offline renders do  it  same way ?