XPS 15 9570, U2725QE, color management

I'm hoping to get some advice from color management experts out there.

I have a U2725qe connected as an external display to a Dell XPS 15. I have noticed that in Windows Color Management (colorcpl) the Dell DisplayP3_V2 has been automatically set as the default profile for the monitor. Does that mean that I should be selecting the color space Display P3 on the monitor? If I wanted to use, for example, the sRGB color space on the monitor, would I have to add the corresponding profile in the Color Management settings and set it as default?

Another doubt I have regards the color profile settings in Display Settings / Color Profile ( W11pro). The P3 profile is not listed there, and sometimes it shows as no profiles being found, while other times several profiles are found but the default sdr profile is not the P3 one. Should I also be changing the profile here for the u2725qe? Why does it not also show the P3 profile as being the default?

I should be grateful for any input on this.