I understand that if I don’t raise the exposure, there is no need to adjust the relative exposure of white and black?
You will almost always have to tweak them depending on the look you want… they will establish how the shadows and highlights are compressed relative to the middle grey. If your image is very well exposed you might not even have to use filmic at all. Otherwise you are adjusting exposure to establish well exposed midtones and then mapping the rest of the tonal range around that with filmic so this is where you would change them…
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Boris explains it in one of his videos, but when working in scene-referred, exposure is essentially used to define mid-grey (which would usually be where your subject is). Getting this right is important, since several modules relies on this to work in a predictable manner.
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If you are using a parametric mask to exclude shadows and highlights, then why bother with 50% local contrast settings for shadows and highlights anyway?
The latitude is not so important anymore, since desaturation doesn´t occur anymore by default in highlights and shadows. Latitude used to protect your midtones from desaturation in earlier versions of filmic. However, it still defines the range of tones to which a linear contrast curve is applied.
Take a closer look at the parametric mask.