EOS R8 video colors oversaturated with cinema gamut BT709

[crabbos]

EOS R8 - I'm recording in CLOG3, Cinema Gamut, with a custom white balance (lit by an Aputure P60C @ 5600k). The colors look fine in camera with record assist on. However, when I apply CinemaGamut_CanonLog3-to-BT709_WideDR_65_FF_Ver.2.0 in Premiere Pro, the video is oversaturated, and the colors are way off (everything is red).

However, if I use CinemaGamut_CanonLog3-to-BT2020_709WideDR_65_FF_Ver.2.0, the colors look far more accurate. I've added a couple of photos for reference.

Am I doing something wrong or just misunderstanding because it seems everyone is saying BT709 is the one to use?

Thanks in advance.