I think it is definitely a important function. If the player does not support WCG monitor (such as bt2020/display-p3/adobe RGB), it will cause the problem of color distortion.
Splash detects monitor HDR/WCG and applies ST2084/BT2020 gamma for HEVC HDR10 video. It will not convert HDR to SDR though. We will add this soon in Splash 3.0
I think this is definitely an important function. If the player does not support wide color gamut (WCG) monitors, such as BT.2020, Display-P3, or Adobe RGB, it can cause color distortion issues.