Haven’t tested myself, but that’s probably due to the gamut handcuffs in Filmic.
Because both the picker and histogram code is a convoluted mess, apparently. It’s certainly very hard to reason about what is going on, as can be seen in this thread, and I do think both the picker and histogram would benefit greatly from a rewrite and simplification.
That’s not correct. Whatever the bit depth of the raw file, it gets mapped to the 32-bit float of the pixelpipe when loaded. And while 3.4028235 × 10^38 is technically finite, it’s such a large number that for all practical purposes the pixelpipe is unbounded in the luminance dimension.
The tone mappers take the [0.0, 3.4028235 × 10^38] values and squeeze them into [0.0, 1.0] (by default). In Filmic white relative exposure is then used to pick the scene-referred value that should correspond to display-referred 1.0 in the output, while Sigmoid manages that for you.
As for intrinsic meaning, in display-referred data (0.0, 0.0, 0.0) is pure black and (1.0, 1.0, 1.0) ((255, 255, 255) in 8-bit) is pure white (display white, actually). That is, they intrinsically mean something. In scene-referred data (0.0, 0.0, 0.0) is still pure black, but while (1.0, 1.0, 1.0) probably appears white, it’s really just another shade of grey.
Technically the data is scene-referred from the moment it is loaded until it is tone mapped. The working profile only defines the primaries that bound the color gamut from then on.
Here’s a good explanation from Elle Stone: