It's a strange one to be sure. I have noticed it's not so pronounced when the aircraft is moving either. Especially when moving forwards or backwards. But hovering seems to bring out the full horror! And like you said, the brighter the scene, the less noticeable it is..... I have also wondered if it could be the H itself causing it but I was thinking more along the lines of some kind of vibration? I wish I/we could sort it because otherwise the H is a great drone and I enjoy flying it.........
You and me both, my friend !

I use to have the pulsating issues when using the basic defaults for video, Gorgeous, cloudy, and so on.
Once I learned to set up in manual mode, shutter speed, ISO and white balance lock, I haven't had any pulsating issues.
I do all the manual setup too, but still get the pulsing in any mode at 4K regardless. Even when it is not so noticeable in Raw mode it is possible to see that it's still doing it by increasing the contrast in post. And yet there are times when it seems entirely absent. It was there for some of the shots in this flight session above, but not in most of them, and I am at a loss for why it should be in some but not others.