This IS correct. Because an inkjet's gamut is much wider than typical CMYK offset printing, even if the inkjet only has CMYK inks, ICC profile Management will change the the incoming data, be it CMYK or RGB to the color gamut of the printer, and it does this by converting it back to RGB (or LAB) so if you ae sending 100K to it, it will then find the closest match to what that printer can print to "match" what 100K would like printed on a sheet of paper. In reality, 100K on a printed sheet will not be solid Black anyway; the paper soaks a bit of ink up, so at nest you will get a dark grey. Proper color management will match that dark grey on your inkjet.
If you are getting incorrect (shifted) colors, the wrong Profile is being used for the paper being used, OR the machine is out of calibration.
I have a 12-ink HP z3100 and it needs to be calibrated every so often to keep it in line. Fortunately, my machine has a built in calibrator/spectophotometer so the process is pretty easy. Plus it will create its own profiles for any paper I put in it.
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