I disagree with you here. Text rendering specifically is incredibly complicated, but for antialiasing in other contexts, the problem can be seen as trying to approximate what would be seen if the display had higher resolution and the viewer has blurry eyesight. In this model, a linear color space makes sense - if 60% of the pixels within a region on a higher dpi display would be lit, then that is best approximated* by a single pixel emitting the same number of photons as those pixels would (which is 60% as many photons as there should be in the situation where all pixels on the higher dpi display would be lit).
See https://en.wikipedia.org/wiki/Spatial_anti-aliasing#Anti-ali... .
*there are better filters if you're looking at more than one pixel at once
> Using perceptual blending, the antialiasing will be exactly the same efficacy in both cases. Using blending in linear space, these two test cases will look very different and render incorrectly!
Whatever color space you do your blending in, 40% black onto white should look the same as 60% white onto black.