Mac mini with Ventura 13.3: HDMI problem with LG OLED TV, on & off cycle, HDMI Ultra Deep Color

I have a Mac mini M2 Pro (Ventura 13.3) connected to an LG OLED screen via an HDMI cable to the HDMI port on the Mac mini.

Problem: When the LG OLED TV is set to HDMI Ultra Deep Color then the screen will go black and then again shows the Mac desktop. This cycles constantly. This happens since the update to macOS Ventura 13.3

When HDMI Ultra Deep Color is off, then the picture is stable.

Prior to macOS Ventura 13.3 this worked also with HDMI Ultra Deep Color on. I could use the screen with 120Hz and HDR.

It still works using macOS Ventura 13.3 with an HDMI-USB-C-Adapter, where I connect the adapter to a Thunderbolt port on the Mac mini.

Any idea how to fix this?