Evaluate the following in emacs -Q:

(require 'svg)

(defun make-image (color)
  (let ((svg (svg-create 100 100)))
    (svg-rectangle svg 0 0 100 100 :fill color)
    (svg-image svg)))

(set-frame-parameter (window-frame) 'background-color "black")

(insert (propertize " " 'display (make-image "#f00000")))

The expected result is a rectangle (on black background) of color
#f00000. The actual result is a rectangle of color #ef0000. For black
backgrounds, white is no longer representable.

This is related to bug #36304, but much easier to fix.

Patch attached.