'm in the same boat.
From your screen shots it looks totally confusing compared to Qimage colour management where it's quite obvious what the colour space of an image is and the same applies when converting images - it's in your face and not hidden in multiple menus.
I am playing around in S5 and trying to save a JPG in Adobe and/ or RGB.
I can do it by removing the checkmark from the USE this profile, Save as box.
I get an sRGB or aRGB embedded.....
But to add to the already overly confusing, and unnecessarily complicated mess, if I save the JPG using SAVE AS, the profile is embedded. If I use FILE SAVE, uncheck, I get a JPG with no profile at all, and therefore Qimage tags it as sRGB.
So to make it a total can of maggots, If I Save as without a checkmark in Use this profile, I get an embedded RGB.
If I use FILE SAVE, without a checkmark, I get no profile embedded.
More...
If I change the color working space from Adobe to sRGB in PS5, I use Save AS, and uncheck USE THE PROFILE, I get a no profile embedded. with a check, I get RGB embedded.
BUT NOW, File SAVE is grayed out.
Can of worms does not adequately describe this convoluted mess.
Now you can see what a marvel of simple color management is if you use Qimage....
Fred