Color profiles and log shooting

I mentioned the color space output in this post: Pixboom ARRIVED, Ask me anything - #15 by K.F.Wright

As you can see in that post, the default option is a fully saturated, full contrast Rec709 look. Does moving the saturation and contrast sliders to -100 remove the look and give us the native LOG profile, or are those sliders just desaturating and de-contrasting a baked in 709 look?

It would be great if we could choose to record/monitor a native LOG look so we could apply custom LUTs in camera or on the monitor, and then from the resulting PXBC files maybe the software has a checkbox we could click/unclick if we want to bake in a LUT or leave it in LOG on the export.

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