If we have a monitor that has a brightness of 1600 nits, and whites of some content ("sdr") shows up much dimmer, the pixels the monitor is asked to display by the systmes are dimmed relative to max brightness - no?
But people usually look at this, relative to previous displays, not relative to peak brightness (since the peak brightness is not achievable for prolonged periods of time because of overheating)
Yes, the system monitors the display temperature and caps the brightness accordingly. Here are some interesting functions I found related to this inside the system frameworks: