I have watched hours of videos on the subject, but I just can't understand it without a slightly deeper explanation. If it helps you to explain, my production software of choice is DaVinci Resolve.
I understand the need for reference color spaces, but not at all their application. Unless you are on a display using Y'CbCr, it is fundamentally RGB. It's also likely quantized to an integer between 0-255. With that in mind, what are ICC profiles and monitor settings doing to the output signal? For example, you can set the gamma value and relative RGB strengths within most monitors' menus. But with their digital processors, wouldn't messing with these on a 24-bit signal cause significant color degradation? The same question applies to ICC profiles, especially since I watched Taran Van Hemert's video on color calibration, wherein he found that desktop recording software did capture the differences in color brought on by ICC profiles, and some software bypasses color management altogether.
(Bonus question! Online video is typically in limited-range rec.709. Does this mean consumer NLEs are outputting the wrong colors since most computer displays are in full-range sRGB?)