from my understanding, the scopes don’t determine quality. premiere works in 32bpc and then either dithers back to 8bit , 10, 16 bit on export. you can keep rec. 2020 colors from clipping to rec709 if you export in one of four special HDR PQ codecs. Grading in HDR requires an external monitor because premiere’s timeline is hardcoded to rec. 709 so you won’t ‘see’ the HDR.
10 bit and Rec. 2020 are separate things. precision and color gamut respectively.
unless you’re trying to upload HDR, there is no particular advantage to trying to setup HDR as the GH5s only has 12.5 f-stops of data. If it can’t record PQ, then you’re effectively baking in a fake HDR with warped brightness.
Indeed, this article says to record in V-log-L for maximum dynamic range, then transform to PQ in the grading stage.
article is not premiere, but a good read.
https://www.mysterybox.us/blog/2018/1/8/panasonic-gh5s-hdr10
The sticking point here is that premiere uses PQ for the luma curves, but HDR10/HLG uses Rec. 2100(which, afaik is not supported by premiere at all) Another problem is that lumetri’s lut checkbox disables HDR mode completely.
-export HDR to youtube from premiere
https://forums.adobe.com/thread/2293073
supported exports for HDR
• HEVC .MP4 | 10bit | Bt.2020 | PQ
• H.264 .MP4 | 10bit | Bt.2020 | PQ
• JPEG 2000 .MXF | 12bit | Bt.2020 | PQ
• Sony XAVC-Intra .MXF | 10bit | Bt.2020 | HLG
https://forums.adobe.com/thread/2612343