Maybe in some ACES perfected clean-room future, but in the messy real world of production in 2018, it's not so cut 'n' dry.
Colour management is not some new concept and has been around for a long time in stills photography and has been especially usefull in demanding RGB to CMYK conversions in commercial printing. Properly implemented as in RCM it provides precise transforms between different colour spaces without the limitations of LUTs which need the user to expose their footage at exactly the same levels that the LUT was created in. (LUT ‘s are in need of ‘clean room’ conditions to work optimally) LUT ‘s have their uses for creating certain looks but if you are after the best system to transform your camera’s colour space and tonal response to a working or output space the RCM is hard to beat ( maybe ACES). V- gamut on the GH5 is just a shoe-in from the Varicam and is not a properly defined gamut like the one in HLG so the only way at present to get it to work is to make a LUT from scratch. Why bother though when HLG has a precisley defined gamut that can be properly interpreted by RCM and the codec uses more of the data range in the first place. There is no advantage in transforming log to log over log to a hybrid log as long as the mathematical model is known and in any case this is a minor issue compared to the complexity of transforming between colour spaces. There has been a small industry in LUT creation in the video world but I’m convinced the LUT’s days are numbered as more NLE’s adopt colour management and as more cameras can work in bigger colour gamut’s than REC709 and more output devices also move beyond REC709.