See and this is where stuff gets weird for me and i think we are talking about different things here.
If I have a rec709 camera signal, that is encoding scene-light by definition as 0.5 gamma (1/1.961)
and view this on a gamma 2.4 monitor(sdi into monitor from camera) I get the correct response for a dim (5-10lux) surround viewing environment, thats what rec709/bt1886 is based on.
as 2.4 is NOT the inverse of 1/1.961 we have a mismatch this is the OOTF or system gamma. (~ 1.2 gamma)
( ill definetelt read through the photo path as thats exactly what matters here the relationship between scene light to display light)
So now the idea is to adjust this OOTF for different viewing environments and display luminances.
the brighter the surround the more “contrasty” is our perception, thus we need to adjust display gamma (or encoding gamma, either or) to give us a lower total OOTF/SystemGamma.
So when we move content from a dim surround mastering environment to a “office” surround the usual approach of NOT messing with the signal in any way is generally accepted as OK as long as we change the monitor EOTF from 2.4 to 2.2 gamma, the inherent different OOTF then helping with surround compensation. (there are more advanced ways to deal with this but we dont have that stuff yet)
This directly contradicts that we need to have have “right encodings” for what a “display expects”. HD video has to be encoded as 1/1.961.
which brings me to cinema, projectors have a gamma of 2.6 which then in turns makes my rec709 1/1.961 encoded camera signal look “even more contrasty” thus adjusting for the difference in surround luminance from a dark cinema to a dimm grading suite…
Apple for example uses a ootf of 1 for bright surround viewing for rec709 content by default they assume a mac user is in a bright room, confirming what I am rambling about.
My whole
point is the response of different gamma monitors should NOT be the same in the same room as thats inherently not the point of the video system. but using these DRTs and colormanagement systems like aces and dolby are doing exactly that , which i find weird as its contradicts all these things that the bbc and ITU have written for years now.
also the more I read the old specs about sRGB and 709 they all confirm what I am saying, a inherent 1.2 system gamma for dim surround viewing.
If we reproduce the same light output exactly in a grading suite vs office environment vs a dark cinema would that not be MORE wrong? Which is what “encoding to different targets” would do exactly?
so I wonder which is right? what works best? been going back and forth between my 2.6 @ 48NIt projector and my grading suite and honestly the shift is so minor ts hard to say what works better and the difference between oled and projector is so great it probably doesnt matter and this is purely philosophical 
also adding this as this whole HLG OOTF paper is what lead me here