Jerry I can't say. I don't know what behavior the ICC profile is changing on the monitor. I suspect it won't since I set my monitor to 256 colors when it had the incorrect ICC profile and still got eye strain.
Also "Grayscale" is not the same as black and white, there's a LOT of sub pixel shading, gradient shading, and dithering going on with all those grays. A pure black and white duotone display wouldn't be very usable.
Based on my visual inspection, the ICC profile doesn't seem to actually change any colors. It looks identical to me. It seems to be telling the monitor to operate differently in order to display those colors. Just a hypothetical here, but if your monitor was capable of producing CMYK colors, and you had an RGB color profile, in order to show yellow, you need to use a software side subtractive coloring process with Red and Green. The correct ICC profile could tell the monitor "Just display yellow. You have the hardware to do that".
In both cases you would see yellow, but it is being generated 2 entirely different ways, and maybe we are sensitive to one of those ways. This is all just me hypothesizing, but maybe there's something to it