This is probably already said somewhere, but this part of your thinking is (very) wrong.
There can be loads of data past the white you are seeing now on screen (if we had a proper hdr display workflow you could still see them).
So, on your screw black is 0.0, and white is 1.0. That doesn’t mean that a pixel can have the value 1.5. I hope this is clear, but maybe that’s just for me as more of a programmer than a photographer :).
Filmic is made to pick a range of data that is larger than your display can handle, and map it to what your (intended) display can handle.
This is why older modules are being deprecated, if they didn’t play nice with ‘infinite data’ and destroyed data that was outside of display range.
All new scene referred modules are able to work on the ‘infinite data’ range. But they need to somehow know what the data means.
That’s why your are ‘supposed’ to set the middle grey point first. And then you have infinite data under it, and infinite data above it. Realistically you don’t have infinite data under middle grey, because at some point there will be absolute darkness, but that’s the idea. Set a middle grey point, so all the modules behind it have some sort of reference of what is shadows, what is mids and what is highlights and what is super bright.
I think (but I am not sure) that raising exposure or raising middle grey in filmic results in the exact same output.
BUT… That means that modules that come before filmic have no idea where your middle grey is, and they will differ in their output.
That’s why setting exposure (setting middle grey) is one of the first things to do. Then come a lot of edits to the data, and finally the data is mapped to your intended output (display sdr, print, display hdr of 500 nits, display hdr of 1000+ nits, etc…).
Of course you don’t have to follow this super strictly, and whatever works for you will work for you :). I have luts or local contrast stuff after filmic most of the time for some ‘tweaking’.
But in the early filmic v4 days (I missed v3) I also (mis) used the middle grey slider. When it was hidden by default I always clicked it back on.
Now I don’t. It suddenly clicked in my head. And now with more modules like color balance and tone equalizer I see the need to set middle grey first.
Still leaves the question I’ve seen before ‘so you set exposure with filmic on or off’ and I can’t really answer that.
Moet of the time I set exposure with filmic off. Yes, a lot of bright data will look clipped, but I’m focusing on my mids and those are not clipped.
Then I turn filmic on, the mids should be basically untouched. Now you select how much bright data you want to use, by the white slider. Cram too much data in, and it will look flat. No problem, means you just need to add some clarity or local contrast there. If you don’t see the details in the clouds for example but the clipping indicator says nothing is clipped, it means the data is there. Just do smacked close together you can hardly see the details. But they are there.
For shadows, I hardly use filmics black slider. If the shadows are too dark I use tone equalizer to bring them back. Enabling tone equalizer in the advanced tab, gives a handy mouse control where you can hover your mouse in the image on a region, and use the mouse scrollwheel up and down to brighten or darken that range.
So disable filmic, set exposure ignoring clipping, enable filmic. Set white range. Control shadows with tone equalizer. Use one of the local contrast tools to get details on the brights visible. And from then on I edit ‘into filmic’ (make other changes as required, but leave filmic on). That’s what I do, and it seems to work fine time and time again, with images with low dynamic range and images with lots of range captured.