My 2 cents...
In DaVinci YRGB, and Rec709 (scene) set as timeline color space (the default setting)...
...if you want to simulate a color managed workflow by working between two color space transform effects that cancel each other...
...the right setting for the second effect is:
Output Color Space: Rec709
Output Gamma: Rec709 WITH THE "APPLY FORWARD OOFT" SETTING TICKED.
I don't know what the setting does, and I would appreciate somebody telling me in simple terms. Don't need a full explanation of Gamma, I am a colorist for 10 years.