Ctrl-J just reports what you have JRVR set to, it does not know what a ICC profile actually contains, which would override those settings.
Having an ICC profile loaded will completely replace the gamut and gamma output stages based on information from the ICC profile.
Well, that's a relief. But you can see how it would be confusing.
I'll have a look at the new build when I get over the mild gastro bug I've picked up yesterday.
One reason I am interested in manual and automatic profile switching is because I can't see any other way to have HDR tone mapping work correctly for all selectable monitor profiles seamlessly when JRiver is set to use the current ICC profile.
When JRiver uses ICC profiles on the SDR desktop, the tone mapping will be incorrect in some cases because the peak nits value cannot be set per ICC profile:
BT.2020/BT.709 monitors are 100 nits (legacy) or 203 nits (modern)
sRGB/Display P3 monitors are 80 nits
One could also have custom monitor profile setup that is BT.2020 used with the maximum nits the monitor is capable of displaying for the purpose of being used with tone mapping to provide an alternative to having the monitor clip above maximum supported nits (to display a slightly less dynamic HDR with all details intact as an alternative to HDR passthrough).
JRiver allows profiles with different peak nits, gamut and curves to be created for all these scenarios, but they cannot currently be scripted to be automatically loaded according to which system ICC profile is current.
So, to have peak nits set correctly for all monitor modes, one must be able to toggle them manually for now.
In my use case, I use JRiver for both entertainment and for sanity checking edited video, so it is preferable for it to work seamlessly regardless of which mode the monitor is currently set to: sRGB, Display P3, BT.2020, BT.709 for SDR desktop, HDR passthrough for HDR desktop). That includes full screen dedicated video (BT.2020/709) but also corner of desktop casual playback when working on office work or coding (sRGB) or graphics (Display P3). It's nice to just have things work without having to change settings in multiple places.
BTW: JRiver still does not display album art or video thumbnails correctly on wide gamut displays. Album art on a Display P3 monitor is oversaturated but mostly tolerable (case-by-case), but on a BT.2020 display it comes out a bit bonkers.