Premiere's internal monitoring is designed to work in the Rec.709 broadcast space that still over 90% of video media is made of. So for using the alternate color spaces you would need to have special gear to get the video signal out from the OS, such as the AJA or BlackMagic items listed in their articles on setting up for HDR or other wide-gamut range work. You can't see them correctly within Premiere Pro.
Max Depth is probably not needed for working within Premiere, as it works behind the scenes in 32-bit float when processing. Max Render Q is only for when you are significantly resizing images and do NOT have a full GPU working in your system, as then it forces the CPU to do the same math that a GPU would do.
Stay in Rec.709, and you don't need such massive bitrates unless you are working at least 4k media and higher for frame-size.