Hello @AndyT
hmm, strange, if anything I'd expected the M5Stack Gray to work with low brightness level and the M5Stack Black to not behave due to the fact that the M5Stack Gray has additional hardware (e.g. IMU) consuming power to keep the device powered on.
That said, I suspect the IP5306 switching off due to too light load. Try to add the following statement before going into deep sleep. It should prevent the IP5306 from shutting down under light load.
M5.Power.setPowerBoostKeepOn(true);
Happy Stacking!
Felix