I have tried Bloom settings. Ambient Light settings. Desaturation helps by turning the "blue" into white but still leaves behind a strange flourescent glow.

Only happens with light sources as seen in the picture, and also spells such as Magelight and when the sun is shining onto bright surfaces such as snow.

On my opinion something wrong with enbpalette or enbeffect.fx files. Have you tried to use only official files? Or may be to toggle on/off all effects to see what exactly produce this bug.

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

Well it's the ENBeffect file. I'm using an enbeffect which I think was adapted to add HSV color code. I spent quite a while (over fifty hours) adapting the settings to my own preference. But I guess this enbeffect file does not work well with "reflections" as the bug goes away when toggling off bFloatPointRenderTarget in SkyrimPreference. That flourescent bug shows up with 0.119 dll but not as much as with 1.30, it disappears completely when bFloatPointRenderTarget is off in all versions of ENB. Would there be a way to adapt the HSV code for the most recent version of ENB Skyrim with bFloatPointRenderTarget=1 or must I start a new?

Have you tried the default HSV enbeffect.fx or working the HSV settings (I remember there are quite a few) to find what exactly causes this? It might also be a good idea to ask the author of HSV conversion enbeffect.fx, IndigoNeko, if he's aware of the issue. His preset is here.

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Embers HD
Smoking Torches and Candles
Particle and Subsurface Scattering Patches for ENB (updated 17/1/2020)
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If it's different color space, then convertion math probably use clamping (or even worse) of hdr values. Only code changes of enbeffect.fx will help (or different file).

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

Thanks for the info.