You talk about an algorithm. However, you never visited any of the practical implementations of Chroma from Luma, which is used in Production.

It is part of the AV1/2 video codec; for instance, it has been widely adopted too since 2018. https://arxiv.org/pdf/1711.03951

So do IETF early draft of the idea. https://datatracker.ietf.org/doc/draft-midtskogen-netvc-chro...

Give a read of the work if not:)