Sure, but your missing how camera sensors react to saturation. Exposure and saturation go hand in hand. What you see here is the blue channel being so bright that it's over exposing that color channel. You could fix that by under exposing the image, but then you've thrown away all the detail in the shadows. You can't just magically recover an over exposed image by changing your color gamut. You have to have the detail in the first place which doesn't appear to be the case in OP's image. Simply desaturating the color in post doesn't change its exposure. You could lower the luminance for that color channel but again it wont bring back detail. Also, simply rotating colors won't do anything to fix clipping. I've run into this issue a ton with my own concert photography and the best solution is to just put white light on the subject to reduce the dynamic range.
Edit: OP stated the camera is an iPhone 17. Good luck getting the results you're expecting with that. OP also said the lights were static and unchanging. This is probably worst case scenario for this setup. OP did the best with what they had.

