>>3142342raw files don't have a "color space" in the same way that sRGB and AdobeRGB are standardized color spaces, real camera color space exceeds these actually. If you want to work with the most colors, you work in ProPhotoRGB, then export your final jpeg files in sRGB.
if you export the jpeg without setting the color space to sRGB, it's going to look shitty on some devices/browsers. I made this mistake once, I exported a jpeg without changing the color space and it looked perfectly fine on my PC, but when I put it on my phone, the colors were all fucking weird.
that color space setting in your camera is only for jpegs and adding an underscore to filenames (for your jpeg archiving convenience, nothing more).
I personally leave the color space setting at sRGB since I post-process RAW files, not jpegs. why would I want adobeRGB jpegs when I can have prophotoRGB from raws?