If your video is encoded with YCbCr 4:4:4 (no chroma subsampling), I think there is no playback differences no matter you configure the display color space in RGB or YCbCr.

However, most of videos are encoded with subsampled YUV(YCbCr), but not RGB for bandwidth and processing optimization.

I haven't found a setting for Intel GPU to set the display color space in RGB or YCbCr. I think they all rely on automatic switching by GPU or OS control.

Because Windows uses RGB (but not YCbCr form) to define UI colors, if your GPU settings support the manual color space adjustment, perhaps YCbCr is better (I guess) for those YUV video playback only if the Windows OS does not convert the video signal on system side before transferring the video data to GPU (to render and display the video on display device).

The display procsssing detail is a black box.

Feel free to correct me if I'm wrong on those detail.