It's placebo. The profile just affects screen brightness. If changing profiles causes your screen to become smoother/faster, it's most likely because of Apple's shoddy ProMotion implementation in the new MacBooks. It seems they are halving the framerate in many applications. Applying a color profile will "refresh" all display options at least and that seems to "uncap" some apps.
This seems to be especially noticeable in Safari. I'd just chalk it up as another Monterey bug.