The image you have posted appears to be the result of applying the CLF in the ACEScct working space. But if you look at the content of the file, you will see that the InputDescriptor and OutputDescriptor both read “ACES (SMPTE ST 2065-1)”. So this is a per spec LMT, designed to be applied in linear AP0.
I don’t yet have a machine running Resolve 14, so I can’t test that. But I do have my own tools which allow me to break down a CLF into a Nuke node tree. The result of using this to apply that LMT to that image in linear AP0 (followed by the RRT and Rec.709 ODT) is this:
As you can see, the effect on the image is far more subtle than applying it in ACEScct. And although there is still some noise brought out in the highly saturated green and cyan chips, it looks more like noise and less like an artefact.
It is a slightly odd LUT though. It brings in ACES linear data in the 0-100 range (i.e. more than nine stops of headroom above 18% grey) but there is no shaper or range scaling after the embedded cube, whose output is limited to the 0-1 range. So the result is an OCES image with nothing more than 2.5 stops above grey. The RRT and ODT then compress this further, resulting in the flattening of the highlights, which is very obvious in the girl’s face and the flowers.
I am also surprised at the use of only a 514 point shaper, with linear interpolation. This would seem inadequate for 0.0-100.0 linear data.
My CLF to Nuke tools are in very early development, so it is possible that there are errors in them. In which case my analysis may be inaccurate.