Um, RGB scaling for white balancing is not the same as using exposure compensation to reduce intensities.
In the case of white balancing during raw processing, except for the trivial case of uniwb, the scaling values for R, G, and B are not all equal to each other, with the G value being roughly half the R and B values, except of course for your example where you put the white balance in the camera input profile.
In the case of using exposure compensation, the RGB channel values are multiplied or divided by gray, R=G=B.
Very different situations. Multiplying and dividing by gray produces the same result in any well-behaved RGB working space, unless of course you insist on clipping the channel values before applying negative exposure compensation to bring the highlight values down below 1.0f. But this isn’t true for multiplying by a non-gray color.
Let’s assume the channel values > 1.0f for the image in question actually have meaning, are real data, for the specific topic at hand. Which is that white balancing by multiplying by a non-gray color is not the same as reducing intensity by multiplying by a gray color that’s less than 1.0f. The latter operation is color-space independent as long as the color space is a well-behaved RGB working space (no RGB LUT profiles here, please!).