I found an interesting read on avsforum regarding the standard range 16-235 vs sRGB 0-255:
In theory, PC RGB allows a wider range of blacks to whites from 0-255 instead of the reduced 16-235 for Standard (aka Limited). However, there's some evidence I'll cite in links below that the XBOX treats ALL games as Standard (Limited) and simply expands the range artifically to Full when PC RGB is selected. The XBOX itself also warns of "lost highlights during video playback". I was puzzled by this at first, but it appears to relate to Blacker than Black and Whiter than White data, which is a thing outside of the 16-235 Limited range, but Full Range can't display that as it can't recognize anything outside 0-255. This is a good article for more details on that: https://www.howtogeek.com/295569/should-i-use-rgb-limited-or-rgb-full-on-my-playstation-or-xbox/
From user Sgupta
My take-away is that even if you switch sources down to sRGB, you may still see a lot of washed out whites and crushed blacks which can put strain on the eyes. I tried this with my monitor. It's default is standard, but in sRGB, my eyes don't like it.