The ICC
http://www.color.org
has four gamut rendering intents

colorimetric, including light source conversion as some semblance of
appearance consideration, and no shrinking of the output gamut to
include out of gamut colors, out of gamut colors are clipped to the
output gamut

absolute colorimetric, no light source conversion, no output gamut
shrinking, for measurement use cases primarily I guess

saturation, where the output gamut is shrunk considering saturation to
include colors mapped to the output space that are out of gamut with the
saturation maintained over color considerations

perceptual, where the output gamut is shrunk to include out of gamut
colors in a pleasant appearance based on an ideal print gamut, PRM(G)
http://www.color.org/v4_prmg.xalter

wouldn't it be better to provide the user more choices on perceptual
rendering based on different outputs? transparencies and translucencies
have a much bigger gamut than a print and are created digitally now too

I don't remember the math terms used for gamut construction and
conversion, I used to work/edit with MATLAB scripts from the scientists
that did this but I was just a systems engineer

--
Dale