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