I wasn't aware of the H7204AKV, but Sony had used a bunch of different RGB/composite chips, with the H7204AKV included:
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IC207 64pin "SONY CXD2923AR" VRAM Data to Analog RGB ;\oldest
IC501 24pin "SONY CXA1645M" Analog RGB to Composite ;/
IC202 44pin "Philips TDA8771H" Digital RGB to Analog RGB ;\old boards
IC202 44pin "Motorola MC141685FT" Digital RGB to Analog RGB ;/
IC? 48pin "H7240AKV" 24bit RGB to Analog+Composite ;-SCPH-7001?
IC502 48pin "SONY CXA2106R-T4" 24bit RGB to Analog+Composite ;-newer boards
H7240AKV and CXA2106R seem to have the same pinout (except, I've listed pin7/pin8 swapped for CXA2106R in psxspx.htm, but that might be a mistake on my side). The chips might be different internally, or they might be exact same. In latter case, color differences would be related to external capacitors/resistors.
M y overall impression of the PSX color palette is that it uses a weird RGB intensity ramp, for example, 00:00:00 and FF:FF:FF are black and white, and 01:01:01 should be very-dark gray, but PSX games look better when raising the intensity, making 01:01:01 a bit brighter than very-dark. Though I don't have a TV receiver and can't compare the brightness of PSX pictures with "standard" TV pictures, so I am not sure if the PSX hardware is really brighter (or if the game/software is darker).
And if Sony has produced hardware with different RGB intensity ramps, then the hue of the colors could also change (eg. 40:40:C0 might look like 60:60:D0 on another console), no matter if using RGB or composite cables. But the red in the PS logo, isn't that plain red (without green/blue)? Theoretically, that shouldn't become pinkish, unless the RGB-to-composite conversion went wrong badly.
I've never seen a reason to use RGB cables for PSX, the (PAL-) composite signal looks good to enough to me (much better than SNES or C64 composite signals).