Don't be confuse, srgb and tone mapping is two diferrents things and you can add a third one, color grading.
SRGB and REC709 ( same primaries, slighty diferrent gamma curves ) are intended to give better bit amount in the dark tones. This is because we are more sensitive there and without that curve, we would see terrible banding. Be aware that for albedo, SRGB is ok, but for light color, color gradding and fancier materials ( neon, fluorescent, ... ), if you want to support HDR and get improvement with it, you may want to edit colors in the REC2020 primaries instead.
Tone mapping is a function intended to map a signal [0..N] to [0..M] with M<N. You can think of it as compression, it is usually intended to translate from an HDR information to an LDR display. You can find many ways to do it, filmic, gloabl or local adaptation, ...
Color grading is the process of tinting your image with some logic, often artist tweaked, a common way to do it is to generate a LUT that goes from source to destination, think like the hollywood blue night filter. The tone mapping is usually include in the LUT for performance reasons.
Now, for artist material editing, the color grading should be off, because a material have to looks good natural under all color grading situations. BUT, the tone mapping cannot be skipped because it is a vital process in order to display the HDR image to a LDR display. You may want a tone map operator less aggressive maybe than the one in game, but it is questionable both ways.
It is also worth to say that the 4KUHD and windows HDR support add a whole set of new options to you, because now, we have monitors interpreting a REC2020 signal with ST2084 10bits encoding. This encoding is made to store luminance from 0nits to 10000nits, but most high end TVs don't go farther than 1000nits now. So you usually unclamp your tone map up to 700-900nits then add yourself a soft toe to the curve up to 1000-1200nits to retain control instead of letting the TV do too much tone mapping itself !