Unreal Engine light baking in external editor vs. light buildin in editor for Quest

I have been trying to convert some simple projects to Oculus Quest packages. I am relatively familiar with how light building in Unreal Engine works, but the result looks so different in Vulkan preview mode and on the deployed version that I am wondering if I am doing something wrong. Generally, after baking the lights and switching to Vulkan preview mode, everything looks desaturated and lacks contrast.

As a test, I used Blender to bake the direct and indirect light of a scene onto all models, to then use this texture for an unlit material in UE. I was blown away by the quality, which stays almost the same on Vulkan. 

I do understand that baking lights in the texture using an external editor will look good but will also have several limitations in terms of dynamic lights and shadow casting. What I really do not understand, is why baking lights in UE with production quality settings keep ending up in a massively downgraded Vulkan conversion. Am I doing anything wrong? Do you have any suggestion on the best practices, also related to external software baking?

I am using UE4.27.2, vanilla branch from the Epic Games Launcher.