After a conservation with Juan and Gray tonight I think I have a better idea of what's going on. Resolve processes in 32-bit float, but some of the tools are more limited, and that's what's causing the clipping. It also seems to be exacerbated a bit by Gray's test, which stretches the luma before and after the test node causing the clipping to become more pronouced. The tools in Resolve seem to process data like this....
32-Bit Float:
LOG Controls
Lift/Gamma/Gain
Custom Curves
Qualifiers
Not 32-Bit Float:
Hue vs Hue
Hue vs Sat
Hue vs Lum
Lum vs Sat
Soft Clip
The curves (with the exception of Custom Curves) each operate a lot like a variable LUT, taking inputs (Hue, Sat, Lum) from any changes you make and applying them to the signal. LUTs by design are meant to shape a signal, and therefore cannot operate with floating point accuracy. They work at something less, possibly 16 or 12-bit integer. Still very good, just not floating point. This is also why applying a LUT to the test node creates a similar result, because whether it's a Hue/Sat/Luma Curve or an actual LUT, they both process the signal in a similar fashion.
What Gray's test seems to have demonstrated is that when these non-FP tools are activated, they are inserted into the signal path, and even before any adjustments are applied, their very presence changes the range within which the signal is processed. By stretching the contrast before and after the test node, the clipping caused by this becomes even more apparent.
This also brought up a lot of discussion about order-of-operations, and how by using the 32-bit float tools early in your signal path, you allow the non-floating point tools to perform better by keeping them within a safe operating range that avoids clipping. If I remember correctly, something like this should work well....
LOG Controls -> Camera LUT -> Lift/Gamma/Gain -> Custom Curves -> Hue/Sat/Lum Curves -> Soft Clip
Anyway, this processing difference between controls is also what a lot of people are seeing with the Resolve ACES workflow. The controls that do not behave correctly in ACES (Hue/Sat/Lum Curves, Soft Clip) seem to be incapable of the math required by the ACES color pipeline, and will probably need to be completely re-written in order work correctly.