Even within "SDR"/"sRGB", many mistakes crop up from people erroneously mixing content encoded with the piecewise sRGB transfer function with content encoded according to a plain gamma 2.2 transfer function. And this is before we are getting into e.g., incorrect blending spaces or mismatched primaries.
But yes, it is purely a matter of compression, with many options for exactly what dynamic range you need and how you want your content defined (e.g., sRGB, gamma2.2, scRGB, HLG, PQ, ...), with linear light primarily reserved as an intermediate space for color conversions and blending - something your display server and any software working with arbitrary color spaces will be using.