I had the same experience with HP5+ @ 250 in TTB.
I've lowered my time to 4:30 minutes instead of 5:00, which helped. Contrast is still well defined, but the highlights aren't burned, and the negs are a joy to print, especially with split grade. I will soon try some at 4:00 minutes, just to see if contrast is even more balanced.
Strangely enough, I've had the opposite effect with Tri-X, where 5:00 minutes did not seem quite enough time to me. But it might be that I'm just used to seeing the higher-contrast HP5+ negs.
You have to remember that Barry Thornton was obsessed with sharpness, and that this developer was conceived to deliver full brightness range without burning the highlights, and giving full detail in the shadows. It's possible your negs are slightly overcooked, but an appearance of a big difference between shadows and highlights is also partly a result of sharpness. As long as your highlights aren't burned, you should be fine.
If your negs are indeed over-developed, might be because of over-agitation in bath B.
That's not Barry Thornton's recommendation.
I only shoot 120 and follow Thornton's instructions for the second bath, i.e., after three very strong taps of the tank to dislodge air bubbles, no agitation for the first three minutes. I follow that with two inversions at minute 3 and minute 4.
Thornton states that this agitation pattern should not be followed for 35mm, but remains vague as to what should be.
Here's the relevant excerpt :
The technique is the same for all versions of the two bath. Bath A contains only the developing agents and preservative and sometimes a restrainer. Bath B contains the accelerator, and sometimes a restrainer. The film is developed in Bath A with agitation every half or full minute -its not critical. Actually little development takes place. Mostly the film is becoming saturated with the developing solution.
However, some development does take place and agitation is important to prevent streaking. The solution is then poured off and saved. Drain the tank well but don't rinse or use a stop bath. Then pour in Bath B, and after a quick rap of the tank on a hard surface to dislodge any air bells, let the tank stand still with no agitation for three minutes or so when all development has ceased. Note, though, that while no agitation is ideal, and usually works well for unsprocketed roll film (120/220), there can be streamers from 35mm sprocket holes. This seems to vary with different kinds of tanks, different films, and the local water characteristics. Do your own experiments to determine the minimum agitation you can achieve without streaking before committing a crucial film to the process. Perhaps try one minute intervals to start with.
In the second bath the developer soaked into the film emulsion is activated by the accelerator. In the highlight regions where the developed silver will be densest, the developer available in the emulsion is soon exhausted and development halts, thus automatically limiting the density of the negative at that point.