You are correct here. The conversion from one color space to another when the gamuts are not identical is an artistic decision, and there is no scientifically "

You are correct here. The conversion from one color space to another when the gamuts are not identical is an artistic decision, and there is no scientifically "correct" way to do it. There can be standards so a content creator can know what to expect, and there's an awful lot of weight put into attaching metadata to source images so the transform can be informed by the metadata, but I also think it's fair to say the entire thing is a mess and that in 99+% of the cases there's a good chance trying to do fancy color management will cause something to go wrong (if not least, inconsistent results on some clients), whereas keeping everything in sRGB gives you a baseline of quality; the only thing you don't get are those super-bright colors.