The three sequence color management presets labeled Direct all provide a “direct” pass-through path for media in the three primary delivery color spaces (Rec.709, HLG, and PQ). For each of these three presets, the working and output color space are identical so that no tone mapping or color space conversion occurs when clips with a matching input color space are edited into that sequence. These presets are intended to strike a balance between a familiar color management workflow that’s similar to previous versions of Premiere Pro while also taking advantage of new capabilities such as color management of raw camera formats, support for additional color spaces, new Input Tone Mapping, and Gamut Compression options, and an Output Color Space that you can change should you need to deliver to another format. These formats work best when the majority of media you’re using is in the color space of the selected preset.
The three color spaces labeled Wide Gamut use a wide gamut working color space, and Output Tone Mapping and Gamut Compression to optimize the retrieval of highlight and shadow detail in wide gamut source media. These are intended for workflows where the majority of your source media is either camera raw or log-encoded, and you’re delivering to a smaller color space using tone mapping and gamut compression to speed up your workflow. The difference between the three wide-gamut presets is how the tone mapping is handled. Because the effects of Output Tone Mapping may or may not be desirable on Rec.709 source media, you have options for fully tone mapping, minimally tone mapping, or not tone mapping at all, depending on how you like to work.