Couple things…
The video I was watching? corrupted. No audio channel. -facepalm-
However, when I switch to a working file, I have to turn down the audio to 35% to eliminate clipping. HDMI output is not listed as HDMI output, but instead as “Analog Output (Built-in Audio Stereo)”
So its treating the HDMI audio out as an analog out and 100% is way beyond what it should be.