Ok I'll try to rephrase:
Lets assume we have a sprite with an UNORM_SRGB with a single stored color of [0.73,0.73,0.73,1]
We now want to sample from that texture in a pixel shader which will write to the back buffer which also has a UNORM_SRGB format. If we sample from the texture, the hardware knows that we deal with an SRGB texture and performs the conversion from SRGB to linear color space before sampling: [0.73,0.73,0.73,1] > [0.5,0.5,0.5,1]. Then, the sampling is performed and we get [0.5,0.5,0.5,1]. Next, we write that color to the back buffer. The hardware knows that we deal with an SRGB back buffer and performs the conversion from linear to SRGB color space (after blending) [0.5,0.5,0.5,1] > [0.73,0.73,0.73,1].
The display will then apply that "signal" and we will perceive the "signal" as half way between pure black and pure white.
If you write the image (e.g. snapshot) to disk and use some image viewer, the image viewer will say that each texel has a raw value of [0.73,0.73,0.73,1].