DR 200 and 400 under-expose images by 1 or 2 stops to preserve highlight information and record the amount of under exposure in the RAW file.
It's a common misunderstanding that Fujifilm DR modes
underexpose a photo. As explained by DPReview's Richard Butler, the DR modes adjust the relationship between exposure and amplification to add highlight headroom. At base ISO, the only available option to accomplish this is a reduction in exposure. At higher ISOs, reduced exposure isn't necessary.
https://www.dpreview.com/forums/post/68278921
A key to understanding DR modes is that the concept of underexposure assumes that a greater exposure could have been used to achieve the same or better image quality. If blown highlights at base ISO are not acceptable, a lower exposure must be used. There is no other option to recover detail in those highlights.
That's not underexposure. It's the correct exposure for the image you envision making.