@mitu Removing the overclock didn't help unfortunately. Here's the rest of the info to the best of my ability

Pi Model or other hardware: Pi 4B
Power Supply used: CanaKit 3.5A Raspberry Pi 4 Power Supply (USB-C)
RetroPie Version Used: 4.8
Built From: Pre made SD image from raspberry pi imager v1.6.2
USB Devices connected: None
Controller used: 8bitdo Pro 2 (connected with bluetooth
Error messages received: N/A
Verbose log (if relevant): N/A
Guide used: N/A
File: N/A
Emulator: N/A
Attachment of config files: https://pastebin.com/BKrPS3Z5
How to replicate the problem: Connect RPi4 to CRT, test output using 2nd color bleed check in 240p test suite Mega Drive ROM (press A once on color bleed check).

If someone could replicate the test on their own device I would really appreciate that. I have a feeling it might be like this on all Pis and has just gone unnoticed by most people.