Here's screenshots with all my tests (
https://imgur.com/a/vzcaETl ), showing the problem, and how the linear + Arri is the best solution to make things look accurate. Sigma 17-50mm with Viltrox speedbooster, at f/2.0. Timeline was standard rec709, gamma 2.4.
Shot 1:
Normal rec709 with BDM colorspace and BDM Film on the raw tab, with BDM Extended lut. That's the standard, traditional grade. As you can see, everything has shifted to yellow-brown (yellow under full sun, yellow-brown in cloudy situations).
Shot 2:
The same as above, but having changed the colorspace to Rec2020 in the raw tab. Suddenly, the green is coming back. The colors on his t-shirts are also now more accurate! Not just the greens got fixed, but also his blues! I know, I have the t-shirt in front of me. Skintones are now MUCH better too, having shifted to the filmic/alexa yellow-ish color, rather than reddish colors that video cameras have. However, we're still not there.
Shot 3:
Melara's approach: Colorspace in the raw tab: Blackmagic design, Gamma linear. Then two color space nodes to arri alexa/logc, and then to rec709. One node in the middle to fix the contrast/exposure (because it's different when having transformed the image to Arri), so we can judge it better compared to the others. As you can see here, using Melara's approach, everything is as it's supposed to be. The greens are perfectly green, the other colors are also correct and skintones are pleasing. The sky now has color! THIS is the best result of all.
Shot 4:
The same as above, but instead of using Colorspace "blackmagic design" in the raw tab, I used rec2020. The colors did not change compared to Shot 3. Which means that BMD's colorspace is very close to rec2020 in reality (which is 75% bigger than rec709). But by going through the ARRI remapping to get to rec709 (since Resolve is probably using ARRI's software libraries to do so, instead of using its own algorithm), we get the proper colors.
Shot 5:
The same as Shot 1, but with the popular Butterly Lut instead. At first glance, it looks as if the lut has fixed the yellow cast. But in closer inspection, it has shifted the colors to cooler blue. Now the skintones and house paint are blue-er than they should be. Adjusting its WB by +300 points in the RAW tab, it again turns the greens towards brown. So these "fixing" luts seem to just shift the problem, not fixing it. Still, the Buttery lut gives a much better result than the hideous, default BMD lut.
Conclusion: You can try treating the footage as rec2020, which will fix quite a few things, but you will fall short of the Resolve rec709 remapping at the end. The most pleasing and accurate result, is the Linear->Arri->rec709 #3 method, because we bypass Resolve's internal algorithm for remapping, and we (probably) use Arri's. The image now has "life" in it. You *might* be able to fix things with regular color grading, but why have to go through hoops? Using Melara's approach, the colors are correct off the bat.
This is something that Blackmagic can fix in Resolve btw. They need to rethink their remapping techniques. No need to change any color science on the cameras themselves. The problem is in Resolve.