Rikk Flohr: Photography • Adobe Employee , Mar 29, 2022
A .acr file contains non-textual data (binary). Currently that can be an AI-generated pixel-based mask and/or a LUT. Other items will be stored in this file in the future. I am guessing your color preset has a profile that uses a LUT (look up table).
Author “Color Management for Photographers" & "Photoshop CC Color Management/pluralsight"