In the article to which @Morgan_Hardwood linked in the previous post, I tried my very best to explain in as few words as possible why perceptual intent doesn’t work with matrix profiles. If anyone reads the article and has any questions, I’d be happy to try to answer.
In the meantime, here’s an article that shows an example of what “clipping” looks like when a very colorful ProPhotoRGB image is converted to sRGB: