This page shows what light levels monitors can actually show - if looked at rather carefully. LCD / TFT panels are off to a bad start due to back lighting and the bright end has other problems. Many displays out there would be completely incapable of showing rather a lot of the split squares. If shots are for general consumption that aspect limits the tonal range that can be used. Some argue that gamma that makes the whole thing work also limits the achievable dynamic range. Calibration can too as maybe blue or some other colour is too powerful so always has to be mixed in at a reduced level.
https://www.drycreekphoto.com/Learn/...nsitivity.html
It's a pretty sobering image to look at. We all generally get round the problems by messing with colours and tonal range but the output resolution steps in both always have to be the same. Raw can offer more control of colour and tone after a fashion but only by shifting it into a colour or tone level that the display can actually show. Where it traditionally comes into force is in recovering shadows and highlights that might have been blown in the jpg but only from moving them from where they were to somewhere that can be displayed on a monitor - or in the case of say prophoto a colour that can be printed.
Moving the dark stuff up to visibilty - well D-Light does that and some camera curves compress the highlights and the dark end. As the camera does this on jpg's they can be manipulated further by editing,
John
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