I agree with your assessment, Luke. The originals were flat . . . but accurate.
The processed versions make it easier to see the standing waves, etc., so I think I prefer those, but just barely.
The light was truly awful, and it was lightly misting the whole time. Even though the RX10 IV has some weather protection, I kept a bandana over the lens barrel, hoping that would prevent it getting wet and pulling moisture into the innards as I zoomed in and out.
Terrific camera . . . my assessment is that it's a professional-grade superzoom.