No ... Premiere's sequences are straight Rec.709/gamma 2.4 broadcast standards. So you apply whichever corrective LUT you prefer or use say Lumetri to manually correct Log to normalized. Some like LUTs, I tend to prefer to roll my own, and save a Lumetri preset with my preferred conversion, this way I can change things as fits the individual clip easiest.
Also ... in case you do use LUTs. Premiere incorrectly assumes a corrective LUT should be in the Basic tab, and is applied before any other controls. BAD workflow. The LUT should be applied after the first group of tonal/saturation controls so that you can 'trim' the raw clip for black, white, contrast, and saturation while vieiwing the image with the LUT applied.
So either apply your corrective LUT in the Creative tab then use the Basic tab controls to 'trim' the clip, or ... apply the LUT in the Basic tab of a second instance of Lumetri, and use the first instance to trim the clip through the LUT.