They are both [display | device | output] referred formats. Post scene referred data rendering. Very little difference at that juncture.
And for performance, creative, technical and other reasons, OCIO fills this requirement very well. That is, if one has adopted a purely linearized reference space. If manipulation and compositing anomalies donât matter, display referred pipelines would suffice just fine.
While I donât have nearly [1]as much experience as @gez, having only been responsible for print magazine and album covers etc., it is safe enough to consider the chain of rasterization for print a black box; no one is painting raw ink values to the page. It would be foolish to not rely on ICCs for this, as they were designed to solve this problem and do so extremely well, with TAC, BPC, etc.
[1] By ânearlyâ meaning an order of a magnitude less knowledge and experience.