Can I start with one RAW file, create a duplicate RAW, adjust the exposure, and then merge the two RAW files with Hydra? Will that work as if I had bracketed while shooting?
Creating 2 jpeg files from a single RAW is unnecessary, and will provide worse results than using the single RAW directly. Hydra is indeed fully aware of the actual dynamic range of RAW files. And remember that working with a single RAW file makes sense in Hydra anyway. You can import it into Hydra, apply tone mapping, change brightness, contrast,… and render an HDR image.
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