With color spaces we’re talking about standards like sRGB, Rec.2020 and many more. Wikipedia Article
If a video comes with information on the color space it uses, the video player and compositor can now do a more source accurate mapping to your screen than before.
If you also have an ICC profile for your monitor, you’ll get the most out of your panel now. Without that, the compositor will assume an sRGB calibration (when not using HDR) and do its best to map a higher definition video to that.
With color spaces we’re talking about standards like sRGB, Rec.2020 and many more. Wikipedia Article
If a video comes with information on the color space it uses, the video player and compositor can now do a more source accurate mapping to your screen than before.
If you also have an ICC profile for your monitor, you’ll get the most out of your panel now. Without that, the compositor will assume an sRGB calibration (when not using HDR) and do its best to map a higher definition video to that.