sorry, to be so late (did some experiments 
)
Yes, with that assignation a paper profil is virtually applied
( = no conversion of the picture ).
It includes
- the simulation of paper and printing colour ( = ink, in case of ink jet printer ) and
- the choice of Rendering Intent ( LR5: perceptual or relative colorimetric ).
LR5 offers
- a ‘direct’ comparison ( = toggling the picture’s state between orignal and simulation ),
- a split view ( = comparing parts of original and simulation ) and
- side-by-side ( = comparing original file with a virtual / proof copy, the simulation ).
Having a simulation is ‘nice’ (informative), but half the story. – It comes to life, as soon one can
control (= see) the colour output range and adjust the (permanently visible) virtual / proof copy,
accordingly to the original.
With softproof in LR5 activated, the histogram’s switch showing the light clipping turns into a colour range warning, while the switch for the blacks activates a limitation warning of the monitor’s colour range.
At present, PL4 allows some comparisons, but no simulation, and the Rendering Intent for export
– if one thinks to use it – is perceptual (fixed).
have fun, Wolfgang
further details how to with LR5
Add soft proofing to Photolab - #7 by Wolfgang
Synchronisation (mass correction)
Pictures for a print collection or photo book are (usually) taken with indivual color settings.
TIFF’s are finished files and as such contain no more information about colour temperature.
Only with that it is possible to mass correct all pictures at once, with exactly the same settings.
edit: @StevenL – maybe to take notice