It seems to try to find an exposure but mostly (95%) of the time shows a fully magenta screen, where I can still make out movement but it's completely overblown.

This is my backyard where you can see the leaves of the trees and they will be moving at the correct fps.
When I turn on a secondary non-IR light then it snaps back to a normal view, the IR is helping illuminate my yard just fine. But when I turn off the normal light the camera just keeps cycling some ranges of exposure (I guess) with the magenta image prodominatly in view.
I don't think this is a -awb greyworld issue, as I have tried that and all it seem to do is color the pink hue to a more black and white image. Not making the full magenta image go away.