Gabriele, before I posted here I did submit the same question to Blackmagic DaVinci support. Here is the response:
“Most people would not consider the GUI viewer display suitable for grading. You really need to have a Decklink card for proper grading monitoring. But if it’s all you’ve got, it’s all you’ve got. It just depends on what you are doing and how critical you need to be.”
I feel the response is more anecdotal in nature and didn’t really answer the technical question I asked. Boiled down, my YUV>RGB question was really asking if the GUI Viewer was capable of showing an accurate image if it is displayed on a properly calibrated Rec. 709 production monitor.
The outline for chapter 8 of the DaVinci course by colorist Bob Sliga seems to hint that Sliga believes the GUI Viewer actually can be accurate, but I don’t know what Sliga might be basing that on (assuming he even includes that kind of information in the course).