I have used the new Intel® Graphics Command Center, however, the issue still persist. I uninstalled Intel HD Graphics Control Center though because I don't like it's design. The new Intel® Graphics Command Center also eliminated the lag spikes I get in osu! Before, I used to get a lot of lag spikes at osu! when I had Intel HD Graphics Control Center.
Just a small clarification, "Contrast Enhancement" doesn't remain disabled after shutting down or restart your computer is only happening on Intel® Graphics Control Panel, this setting remains disabled though in Intel® Graphics Command Center. And another update, have checked several videos on YouTube now, and setting "Contrast Enhancement" to disabled now does something "Intel® Graphics Command Center". I'm so sorry for giving a late response. I'm not entirely sure if it's because of the recent update of "Intel® Graphics Command Center" though.
The issue I'm facing is the inability to disable contrast enhancement from the Intel Graphics Command Center (or the older Intel HD Graphics Control Panel for that matter). Specifically, following each PC restart or logout, the setting gets enabled again.