It looks like there is a colour management bug in Export As.
To test my working colour space is Adobe RGB, but I created a document in ProPhotoRGB and followed the process below:
a. I created a 16 bit document with a gradient running from RGB 07,53,25 to 50,98,50 in ProPhoto. (Readings are in 8 bit but document is 16 bit)
b. First I changed that to 8 bits - No visual change, Info from eydropper still shows gradient running from RGB 07,53,25 to 50,98,50 so no change in values either. That is as expected.
c. I stepped back in history to the 16 bit document
d. I used Export As to export a PNG in PNG24 format with no change of profile and the profile embedded. On reopening it opened in Prophoto but the values had changed as had the visual appearance. The gradient now ran from 0,77,33 to 53, 125, 60. Expected behaviour would be no change in teh colour values or visual appearance.
e. I repeated step "d" but used Save For Web (Legacy) again exporting PNG24 and with no change of profile and the profile embedded. This opened in Prophoto but the values were unchanged at RGB 07,53,25 to 50,98,50 Save for Web is working as expected.
So for some reason Export As is significantly changing the colour values when it converts from 16 bit to 8 bit Prophoto.
As a further test I converted the original 16 bit Prophoto document to Adobe RGB (which is my working space). The numbers changed to 0,77,33 and 53,125,60 but of course in the Adobe RGB space the appearance had not changed. Those numbers exactly match the numbers that were being appearing in the 8 bit exported Prophoto document. So for some reason, Export As is converting to 8 bit and at the same time changing the colour values to those appropriate for the Adobe RGB working space but then assigning the ProPhoto document space. By any definition this is a bug.
Dave