The view transform converts colors from the rendering working space in order to display a preview. It is applied in Viewport 2.0, the UV Editor, and the Texture Baking View. It is also applied to color pots, including solid colors and ramps, in the Attribute Editor.
The View Transform option in the Color Management preferences controls the view transform that is used by default. However, you can select a different view transform temporarily for diagnostic or other purposes.
For the best possible preview in general, you should set the default view transform to the same tone map that will be used for finishing. For example, if you are producing frames that will be sent for compositing, then you should use the same tone map that will be used for previewing and final output in the compositing application.
The default is sRGB gamma. This is the same view transform used by default in many compositing and finishing applications. However, it does not include a tone map to emulate a photographic response, so values above 1.0 remain above 1.0 and are clipped by the monitor.
There are several similar view transforms that apply different gamma values.
If the project will be using the standard ACES RRT as a tone map, then you can select ACES RRT as the default view transform. This transform applies the ACES RRT (reference rendering transform), and in addition applies the ODT (output device transform) for a standard graphics monitor.
If you are producing content for the Stingray game engine, then you can select Stingray tone-map. This tone map is a common one used in many games, so it can be used in other cases too. It is the tone map developed by Jim Hejl and described by John Hable.
If the project will be using a specific LUT or other transform for finishing, you can import it and use it as the view transform. See Work with user color transforms.
See also List of view/output transforms. Additional options are available if you have added user transforms. If you are using an OCIO configuration file, then an entirely different set of options may be available.