Display profile in iMac 5k while using DaVinci Resolve

Hi everyone. I am new to the colour grading world and have just started learning the software. I am going through the pdf book "Color Correction with DaVinci Resolve 15" and I am finding it extremely helpful learning both the theory and practical knowledge.

In one of the page it is written - "Resolve was designed to work with industry-standard calibrated external displays connected via video output interfaces to enable critical color evaluation.
Most computer monitors are incapable of displaying the color gamut or gamma range required for broadcast and theatrical distribution. Ideally, you should use an external monitor and video interface for all grading work. Alternatively, you could use a color calibration probe to analyze your computer display and generate a LUT that will remap the colors to the correct standard"

The exercises I am doing so far has the Timeline Color Space and Output Color Space set to 'Rec.709 Gamma 2.4'. And I noticed in the display settings of my iMac 5k Retina, the 'Display profile' is set to "iMac". So if I change it to 'Rec.709 Gamma 2.4' which is available, am I now seeing the correct color gamut and gamma range in my Resolve viewer ? Thanks in advance

Theoretically, yes. In practice, it has not proven to be reliable.
For learning, it should be OK, but for serious client work, you'll need external monitoring with an I/O-interface from BM.