Bug in Resolve 17.3.1 with RCM

I've searched for the Resolve Bug Report forum, but it seems to not be here. If this bug report is in the wrong forum, please move it to the appropriate place.

Playing with RCM in 17.3.1. First, I select the SDR option and import my RedRaw footage to the timeline. Timeline working space setting is the default(assume it is Rec709)
My assumption is that raw footage does not need to be transcoded to the timeline working space, as that is done automatically. Now, without doing any grading, I save a Still to the gallery.
Next, I change the RCM setting to CUSTOM and want to match the timeline to my saved Still. This works when I leave the Input Color Space in the RCM settings to Red Wide Gamut.
Now, I change the Input color settings to BYPASS, and, try to match the image to my still. Since raw is automatically converted to the working color space, there is no option to define the input color space. Now, the image does NOT match the still.
I can manually apply a CST on the first node and make the image match the still. This shouldn't be happening because the transform from RedRaw to the timeline working space should be automatic. Is this a bug, or should I expect to add a CST to the first node when BYPASS,in the RCM color tab settings page is set.
System Info: Windows 10, GPU:RTX3090

[Peter Chamberlain]

Why r u selecting bypass?

Why r u selecting bypass?

Because, ostensibly, I have clips from multiple camera sources on the timeline; Black Magic Pocket 6k and Red Komodo.

First, there's no need to do custom and bypass the input colorspace when working in managed mode.
Any raw format will automatically be converted it's not limited to just one type.

If you want to change the input colorspace for certain clips manually you can do that by rightclicking on them in the media pool or clips view in the colorpage and change it there but that's really only needed for non raw media files that aren't detected automatically.

The reason the R3D clip looks different is because you aren't treating the clip through Resolve's management anymore and it will default back to the RED settings which is probably IPP2's tonemapping to BT1886/Rec.709.
If you rightclick that clip and change it from Project - Bypass to say RWG/Log3G10 Resolve's management kicks in again and it will match.

Wrong! First of all, I'm reporting a bug that shouldn't exist, regardless of your reasoning. If BMD chooses to let the bug exist, so be it. I have reasons to select CUSTOM and Resolve should not have exceptions to the published operation.
Second, when working with raw source files, there is no option to select the clip colorspace, regardless of whether it's in the media pool or color tab.
Third, I question your premise that any difference I observe is due to application, or not, of IPP2. The IPP2 should be applied from the raw settings for r3d, regardless of the input color space settings in custom.Of course, the workaround is to select Red instead of Bypass, then manually change it to Davinci Wide Gamut for the bmpcc6k.