On supported devices like the iPhone 7, it seems that you don't get the larger color gamut on wallpapers even if the image has the DCI-P3 profile assigned.
Below is a DCI-P3 wallpaper in Photos and then as a lockscreen wallpaper; exposure and display backlight was locked.
Source Wallpaper (if you want to try it on your device, the difference is much more noticeable in person)
Below is a DCI-P3 wallpaper in Photos and then as a lockscreen wallpaper; exposure and display backlight was locked.
Source Wallpaper (if you want to try it on your device, the difference is much more noticeable in person)