steve is spot on. in a big budget environment, you wouldn’t even burn in a lut as color management changes and lut burns slightly reduce quality. the changes are made to normalize into a log to linear monitor, then rendered as half float EXR with the lut first turned off again. you now have a rendered half float alpha channel with no color transform. that’s done in the grading stage later on so vfx easily match shots.
occasionally, the lut needs to be burned in(or as hollywood likes to call it, baked), for final tonal mapping as prores 444 in some lower budget films. in this case, the technical lut is then passed around from the vfx supervisor (so there’s only one version of the log-to-linear and linear-to-log luts floating around the building) then its back to digital or older film/dpx workflow (now outdated thanks to the native linear EXR format developed by ILM.)
nowadays, technical luts burn straight from log-to-linear right into P3 or XYZ mapping for DCP for digital theatre projection all lut conversion gives 1% digital loss so its always done last step from a float or half float master.
OCIO is compatible with the Academy Color Encoding Specification (ACES)
https://opencolorio.org/