Light intensity is clamped to a visible sphere volume with HDRP path tracer

With the HDRP path tracer when the exposure value is low (-5 for instance), and with volumetric fog enabled, the effect of the light on the fog is limited to a visible sphere volume, even if the range is larger than the radius of that sphere.

The effect is also visible without volumetric fog on a surface when the light intensity is also relatively low, still with the low exposure value, and with a neutral tone mapping setting.

Below, visible effect on surface followed by visible effect on volumetric fog: