It works fine... Just make sure you set the "contrast" to "standard" (strange name for color profiles. But whatever, it works)
The colors seem pretty natural to me when using that profile. But what I didn't like, is that when playing back an HDR video, the auto-brightness can still dim down the screen... This isn't supposed to happen, or at the very least there should be an option to turn that off.
Also interesting, is that given enough ambient light, YouTube HDR playback will in fact boost the brightness to max (but it won't on a pitch black environment) But if you are playing an HDR video from another source, the brightness won't be boosted at all, and you will have to do it manually.
And while I'm on the topic of HDR video, there doesn't appear to be any tone mapping going on, so some highlights will be blown. But it does seem to properly track the HDR EOTF until that point, and the color gamut does appear to be wider than when viewing SDR content.
So to summarize, this is a great display, and I think Xiaomi did include color profiles, but there's more work to be done... I'm hoping this HDR brightness issue can be addressed on a custom ROM, and hopefully an option to add tone mapping.