Specific Color Management Question in Windows 10

I share your frustration.  I find it impossible to get accurate informed answers to anything to do with CM, mostly the world seems to be a mix of regurgitations of standard explanations of various topics that first hit the web in Egyptian times, plus explanations from quite a few people who really do know a lot about CM, but have come to different conclusions or understandings of the finer points, so their responses often don't line up with each other. 

As to your question, and this is a guess , isn't the item you point to just what it says -- the *default* profile i.e a fallback profile that WCS will  assume when there's no embedded profile (as do browsers), or not enough information provided, or when CM settings are changed that might affect gamut but no gamut is specified?  If so there is no need to consider it except  in undefined situations, which you won't have since you are setting up a comprehensive CMS.

@Bob Ulius I've moved your post to 'Color Management Discussions' where I hope some Windows-savvy CM guys will pitch in.@D Fosse perhaps?

I think all the experts on color management on the Photoshop forum visit this forum frequently.

And double posts lead to confusion and misunderstandings, and should be avoided.

I suggest you also post in the Photoshop forum, there are some world-class experts there.

The settings in the Advanced tab don't affect color management. I have no idea what they do, just leave them alone.

(I suspect that these are legacy settings from before proper color management was introduced. Somebody once wrote on this forum that not even Microsoft engineers can explain what they do.)

The monitor profile (Devices tab) is the basis of color management – it is a description of your monitor's color response.

When you open an image in LrC, Photoshop, or any other color managed application, the colors are converted from the document profile (for instance sRGB or Adobe RGB) to the monitor profile, so that correct colors are displayed.

For this to happen, the monitor profile has to be sound and correct.

I see you're using a Dell profile, and profiles from monitor manufacturers are often defective out of the box. Dell has a particularly bad reputation. (these profiles are often installed with Windows updates)

If you're concerned about correct colors, use a hardware calibrator to calibrate your monitor.

This will also create and install a custom monitor profile that contains an accurate description of your monitor's color response.