@LateJunction You may want to move this thread to the hardware category since it has nothing to do with dt. I would help you with that but because I have been busy it looks like the forum has removed my Regular privileges.
Colour management is a tough topic to navigate. Even if you grasp it a little bit, it takes effort to learn and do properly, and depends on your system configuration. You can get ensnared into miscommunication among the software and hardware components; e.g. a graphics card could unnecessarily confuse the OS/CMS when using LUTs.
To help you think through your specific question from a perspective not yet presented, I would say you should go with the default settings. Or better yet, go with those that represent your monitor’s native settings; i.e. what it is best at showing physically.
All monitors have a degree of wiggle room for a variety of reasons. The ones that do not matter to the user are settings that make them look good in a showroom for demo and sale purposes. Related is manufacturers putting yet another checkbox in their feature list. This is all garbage. A good reason for there to be buttons and “hardware calibration” software is that no monitor is made perfectly. It may be calibrated to standards and pass quality control in the factory but still be off, according to their or your standards. It could be a dud or good enough. Not all of us can tell anyway, let alone have the tools to evaluate the individual device in question. Yes, there is variance between individual devices too.
What you need to determine is what are your monitor’s true default/native specs. How much of Adobe RGB, sRGB, Rec709 or DCI-P3 colours can it actually display? At what brightness? With what ambient light? Sometimes, the so-called “hardware calibration”, “colour profiles” and other tweaks help bring that out, or help bring them back. But to me, hardware calibration in the formal sense is the physical specs the manufacturer decides it should have and how close it is to that standard. Everything else is superfluous.
What you really need to do is set the screen as best you can to embody the colours you want. As noted above, knowing what your display can actually do factors into this. Next, you should make your own monitor profile. One should make a profile for every hardware device, including the camera and printer. I stay away from the term calibration because with a profile what you are doing is actually characterizing the properties of the device in question.
A profile will tell the OS/CMS/app: “Listen, this device is not actually good at showing some of the purples. Maybe you could do something about that.” This kind of answers your question on the other thread why each part of the system should have a profile. This is so that each app can communicate with the other what it is trying to do with the colour data. Otherwise, the data is just discrete or float values. Profiles are part of the CMS that gives context to what these numbers mean and what to do with them.