This is assuming all the content is sRGB, which is not a safe assumption especially if you care about color management to begin with.
(not challenging, just asking, I know next to nothing about color correction)
Most desktop environments and applications assume that the source is sRGB, unless specifically tagged (in image metadata).
So you have two points: source (image, video) and reproduction device (display, printer etc). And you convert colors from the former to the later. sRGB may not even come into play if the source image is AdobeRGB and the display is a wide-gammut pro LCD display!