Jessie - my wide gamut screen (Benq SW2700) has three selectable colour spaces; Adobe RGB, sRGB and monochrome.
If I wanted to run multiple profiles, I would go through the calibration and profiling process for each of the two colour modes (no need to for monochrome) and could switch between them. Using the Windows 10 Color Management screen (found in the settings).
I don't use the default names that xRite comes up with and do make them identifiable. I run a dual screen setup, so these are the settings for my main working screen and I use the October 2019 version for my work. If I recall correctly, the other profile is the one that shipped with the screen and I have left it, primarily as a baseline. I could add an sRGB profile if I wanted to, but that is not part of my workflow, so I have not bothered. I do my own prints, but if I used an external supplier, I might set up an sRGB screen just to compare.
Let me show you the difference between the various colour spaces using Photoshop's Soft Proofing functionality. An inkjet colour photo printer has the widest colour gamut of any devices we tend to use for output and glossy papers have a wider gamut than matte papers. I own an Epson P800 printer, so I use this in my examples. I have chosen an image that has highly saturated blues and greens, which is where we gamut failures. I use the Relative Colorimetric rendering intent to keep the other colours consistent in this exercise.
Areas of gray show the out of gamut areas.
1. Epson P800 on Epson Photo Glossy paper - virtually the whole image is in gamut
2. ProPhoto Colour Space - as it is the widest RGB colour space, very similar to what we see in the P800 print
3. Adobe RGB Colour Space - significant clipping in the vivid colours, as expected some issues with the most saturated blues and greens
4. P3 Colour Space - even more issues with saturated colours than Adobe RGB. This is why I don't like that colour space and screens designed to use it.
5. sRGB - clipped colours everywhere. This shows why we try to not work in that colour space
Just to be clear, these are issues only when dealing with images that have highly saturated colours. Here is an image of mine that falls completely in the sRGB colour space, where using ProPhoto is actually overkill. There are no areas shown as being out of gamut using sRGB soft proofing.
Just one more comment; all screens and printer / paper combinations have problems with saturated reds, even with the widest colour spaces.
Generally my default colour space is ProPhoto, but there can be problems with it if the pixels get pushed too hard and one can end up with artifacts; 16-bit ProPhoto edits are a bit like 8-bit (JPEG) edits and artifacts can show up. Adobe RGB is often the safest route, especially if there are no deeply saturated colours. I do a fair bit of work in L*a*b* for images that need a lot of dodging and burning as working in the L* layer means none of the changes impact saturation. If I have to edit an sRGB image, I will stick to that colour space. I have done some commercial press images which meant working in CMYK; this has happened a total of two times over the past couple of years.