Color is an incredibly complex subject for both photography and videography. Luckily, color profiles help define what colors we are able to capture with our device and see on our computational displays. For instance — a particular shade of red captured on your camera might look much different than what can be displayed on your computer screen. Color profiles can not only help adjust the subset of colors that cameras can capture and display, but help them keep consistent between the two.
Additionally, color profiles are deemed particularly useful for post-processing procedures, as they help increase dynamic range, improve retention, and strike contrast. There are three different color profile logs that you can choose from:
Default refers to the camera's automatic settings to what it thinks is the most natural looking real-time color profile.
Flat refers to the low contrast, high dynamic range that provides a solid base for color grading in post.
Log refers to an even lower contrasted version of a flat color profile. See above.