Download the licensee repro from here - [Link Removed]
Once loaded, hit PIE and open the console
With r.SSS.Checkboard 2, the texture looks desaturated:
However with r.SSS.Checkerboard 1, the texture looks correct compared to the non-subsurface versions:
There's no existing public thread on this issue, so head over to AnswerHub just mention UE-131980 in the post.