NR Reduction washes out colour - some random experiments without conclusion ...

Not as far as I know. I suppose the amount of desaturation will depend on both the cause of the noise, and the denoising method. But I suspect that denoising of ordinary photos (which have low saturation) generally results in saturation decrease.

When a photo has high saturation, I get virtually no change in saturation. See examples at Camera noise.

As I mentioned, I generally denoise the R,G0,G1,B channels independently, before demosaicing. With DSC09955.ARW, going through the process but with no denoising, we get:

c_bay_den
I have cropped to some bricks near top-left. For this, the C channel of HCL has a mean of 0.148742. The Cz channel of JzCzhz has mean 0.00341112.

With my dnsePsh2Mn denoising, we get:
img
c_bdp_den

The C channel of HCL has a mean of 0.111013. The Cz channel of JzCzhz has mean 0.00283577. So chroma has decreased by denoising. We can always boost chroma if we want:

%IMG7%magick ^
  c_bdp_den.png ^
  -colorspace HCL ^
  -channel 1 -evaluate Multiply %%[fx:0.148742/0.111013] +channel ^
  -colorspace sRGB ^
  c_bdp_den2.png

img
c_bdp_den2

EDIT: Bother, the images aren’t showing. They are at:

Non denoised:
http://snibgo.com/imforums/c_bay_deg

Denoised:
http://snibgo.com/imforums/c_bdp_den

Denoised, with adjusted chroma:
http://snibgo.com/imforums/c_bdp_den2
… but put “.png” at the end of each.

EDIT2: Uploaded images with drag-drop.

EDIT3: Now the original images show. I’ve been notified: “system 1 hour — downloaded local copies of images”. Hooray. Perhaps it was a sidekiq problem, as mentioned on [Friendly reminder] Limit JPEGs to maybe full HD resolution - #40 by Thomas_Do , and now fixed.