It’s a rather funny business, camera profiling…
The goal of it is to cobble together a set of input conditions that allow the transform of the rich camera data to the oh-so-limited color capabilities of rendition media - your display, the ink/paper in your printer, etc. That transform is an application of some sort of math that grabs a beautiful camera color and plops it inside the closet-sized gamut boundary of the destination. In doing that something is lost: hue fidelity, saturation gradation, or both, depending on the chosen math gonkulator.
All of those gonkulators are anchored at the destination end of the transform journey by a white point. If your raw processor is working with a single matrix for each camera, that matrix is probably anchored at D65, nice bright sunlight in clear blue sky, thank you Dave Coffin. Great, if all your photography is in daylight, but what happens when you move inside and are saddled with somewhere-around StdA lighting. Well, such a raw processor is going to use the D65 matrix and expect you to futz with white balance to make-nice. Actually, this works okay for a lot of uses; tell me, did you ever notice the difference?
So, a custom matrix for various illuminants is worth considering. Adobe has tried to capture that fidelity in dual-illuminant DCPs; those contain two ColorMatrix-es, whose sole purpose is to provide the endpoints for interpolation of a color temperature of the scene. Which is then used to interpolate a matrix between the two corresponding ForwardMatrix-es. Geesh…
A careful studio photographer will do something like 1) choose lighting devices with consistent color temperature, and 2) shoot a ColorChecker under that lighting and make a profile specific to it. So, pretty relevant there…
To my myopic thinking, a camera profile should faithfully characterize the colorimetric-ness of a camera as the starting point for further “damage” to an image. But there’s a school of practice that likes to make camera profiles that depart from that colorimetric anchor to inflict a “look” on the image. If you’ve graduated from that school, custom color matrices are very relevant. Me, I’d rather save such damage for infliction later in the pipeline, and not confuse the fundamental intent of the camera profile.
Wow, now that I’m retired, I find I can write drivel all day…