It changes with the time of day. At night it's mostly whiteouts. At day mostly blackouts. I just hadn't seen it so regularly after closing a menu. I had however experienced the "nuclear blast" effect sometimes out in the Badlands, the sky becoming completely white.
You know, attempts by game developers to imitate the functioning of the human eye are pointless and only cause problems. For example, motion blur. You don't need a game to give you "motion blur", if you are looking at the center of the screen and objects in the periphery are moving, your retina can't focus on them anyway and they will be blurred naturally. Or various attempts to make the periphery of the screen out of focus like the normal "visual field"; same principle, if you are looking at the center of the screen, the periphery will be out of focus naturally and no need for the game to put it out of focus. What only happens is that if you turn your physical eyes or head towards the screen edge, you will see everything there unnaturally out of focus and that feels weird.
And this trying to imitate eye adaptation to light and dark, it comes out completely wrong. It only happens that way in the real world when you SUDDENLY come out of intense dark to intense light, or out of intense light to intense dark, and is caused by the pupil dilating or contracting. In regular circumstances the eye adapts smoothly. The other day I was going through a darkened underpass and I watched the square of light ahead. It looked perfectly clear, the trees, the vehicles already out in the sunlight, etc. and I could still see the tunnel and the things in it perfectly fine too. In the game however the illuminated area outside looks all white like that bright tunnel they say you see when you die.
If CDPR wants to fix this, the solution is to get rid of eye adaptation effects completely. Don't try to fix or improve, just remove them.