When I create a new project.
I noticed these settings are greyed out.
I am assuming it is because the footage can't be in any codec other than what the camera delivers.
It ia a Canon 7D Mark II DSLR with Cinestyle.
I can still colorgrade pretty well. Just wondering...
Your 7D isn't doing any HDR so it doesn't matter. But, to be able to change that, select the Library itself, go to the inspector and modify it to be Wide Gamut HDR. Then that option is available. I've no clue why Apple make this Library based rather than Project based.