An ETTR shot with a Hasselblad X2D developed with Ps default settings:
The raw histogram:
Proof that it's ETTR is this image with 1/3 stop more exposure:
Here's the back of the camera histogram:
That makes it look like the highlights are blown. In fact, you have to underexpose 1 2/3 stops from that image to get one where the in-camera histogram doesn't make the image look blown.
If you bring the image into Ps with the default settings, it looks fine:
Here's a Lr histogram of a shot a stop underexposed from that exposure:
Clearly, Lightroom is applying a shoulder to the highlights in the ETTR image.