You're correct that color space has nothing to do with len distortion.. But it does take additional processing.. SO let’s think about this...
We have 10bit color depth encoding to a very demanding codec (h.265). This alone take up most processing in this profile and unfortunately there's just not enough overhead for the additional onboard lens correction.
As I’ve already tried to explain the i2 while shooting in ProRes also has this limitation ... People need to remember if you are going to be shooting in a flat/raw type profile, it will require post processing.
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