I thought I'd officially report an issue with R3D files.
This has been a problem since AE 2020 but now that 2023 has ACES built-in I thought it might be easier to do something about it.
Since AE 2020, the default colorspace for the R3D raw importer has been RedWideGamutRGB with a gamma curve of Log 3G10. This was a deliberate change and was noted in the AE 2020 release notes.
The problem is that this colorsapce is not supported by the native ICC system, and After Effects interprets R3D files as rec 709. This means that R3D files look wrong on import. Anyone using AE 2020 - 2022 has had 2 options, either manually change the raw importer back to rec 709, or download OCIO and work with the Red colorspace using ACES. But this requires technical knowledge and the basic issue is that the default color settings for R3D files are wrong.
With AE 2023 now supporting Red colorsapces through ACES, at least AE can now deal with Red colorspaces natively. But the R3D files are still interpreted incorrectly. ** edit! If the color management engine is set to OCIO / ACES, then any imported R3D files are interpreted as ACES 2065. Which isn't rec 709, but it's still wrong **
It might be simpler to change the default for the Red raw importer back to rec 709, but whatever the solution - for the past 3 years all R3D files have been incorrectly interpreted by default.