It's always best to configure color management when you first start a new project or scene. Color management affect how color controls and lights work, so if you change settings after you have already applied materials and created lights then there will be a lot of adjustments to make later.
No matter which method you use, you also need to select a rendering space as well as a default view transform.
After color management has been configured, you need to specify the input color space of 2D File textures and other images that you add to the scene.