It’s done nevertheless. It’s an essential part of color management.
The usability of viewing in the gamut of soft proofing depends on your monitor not on ones wishes.
It’s not mine diagram, but it’s a pity if that last conversion is not part of it. It gives an answer on many questions in the different soft proof threads.
I also believe, not sure at the moment, that the monitors gamut warnings are showing the oog colors from the soft proof gamut to the monitors gamut. The gamut warnings show the oog from the working gamut to the soft proof gamut.
Just added a diagram
George