Wayland (the protocol and architecture) is still lacking proper consideration for color management. Wayland also lacks support for high dynamic range (HDR) imagery which has been around in movie and broadcasting industry for a while now (e.g. Netflix HDR UI).
While there are well established tools and workflows for how to do color management on X11, even X11 has not gained support for HDR. There were plans for it (Alex Goins, DeepColor Visuals), but as far as I know nothing really materialized from them. Right now, the only way to watch HDR content on a HDR monitor in Linux is to use the DRM KMS API directly, in other words, not use any window system, which means not using any desktop environment. Kodi is one of the very few applications that can do this at all.
This is a story about starting the efforts to fix the situation on Wayland.
This is a great article to read – and an important topic, too. Colour management and HDR should be a core aspect of Wayland, and these people are making it happen.