There seems to be an inherent view that we are reproducing a “film type” image; that we are more or less trying to mimic the chemical response of the photographic film process (albeit selectively). I am challenging that assumption as a matter of discussion (philosophically as well as considering the variety of mediums/use cases that are embracing ACES outside motion picture production). I hope others will join me in that discussion.
My question of how to deal with colors outside a display’s gamut are related more around this question of intention. I know we need to remap them into a smaller gamut (coming from AP0 or AP1 to say Rec709/sRGB) which necessitates information loss in some form or other. Moving a high luminance, saturated color towards white is certainly one approach (and is maybe the best one), but it is not the only option.