It's fun stuff. I applaud Adobe for finally getting profiles into a more prominent place, and making it easier to use LUTs for making profiles. I think we're gonna see an explosion of these for Lr use. You've been able to use them in Ps for quite a while (and Affinity, and in the most recent version of Luminar). I do wish they had a more direct route of say importing a LUT via a .cube and making a profile out of it. Maybe someone will do something to make that easier. Developers seemed to either use profiles embedded in presets to say emulate film (VSCO), or sometimes use profiles for use in soft proofing instead. Now it's much easier to say make a Kodachrome profile for a camera.
And go looking around for cube files to import into profiles. There are tons out there to play with. They allow for much more interesting and fine tuned color changes than what you can do in Lr.