I have been ask a few time why do we need such complex colour computer unit? Because we need to compress and correct our tone/colour to fit into the publishing/printing limited colour / gradation world, even up to today. In fine art high quality reproduction work, Print density is approx from D1.8 - D2.4. Where colour trans usually is around D3.2 - D3.9
You lost D1.2 - D1.8 dynamic range.
And you only retain not 50% of the information, but not more then 20% of the original info.
Just like enlarging your negative, in B/W we have different grade of paper to compensate contrast/dynamic range, for colour film, we only have one grade of paper, negative colour film has a built in orange mask for basic colour/contrast correction. A correct exposure of neg film has a dynamic range of 1.1 to 1.4, and it fits into normal photographic paper print range. You may easily make a good print without dodging or burning.
Unlike slide/chrome reversal film, a correct exposure slide film hold a dynamic range of 3.2 - 3.6 where kodachrome goes even to 4.2. To make a good print from slide is nightmare to me. R14 process from kodak or cibachrome, I can only have good reproduction from highlight to mid tone with poor result from mid tone to shadow, or the other way round. Eventually I tried Kodak Dye Transfer Process. It take a week to make a print and cost a bomb. With all the highlight mask/contrast reduction mask at least I make a print that can visual from highlight to shadow.