The Nikon D5 has a Picture Control setting of Flat. My understanding is that neither the Flat control setting nor any other Picture Control setting actually changes the information captured by the sensor and contained in RAW files. However, it does change the embedded jpeg that is displayed on the camera's monitor, as well as the histogram based on that jpeg. Using a Flat control causes the jpeg and its histogram to more accurately represent the RAW file (especially, the dynamic range of the RAW file), which provides better guidance to optimize exposure. Is that accurate or off-base?
As a follow-up: Would adjusting the Picture Control / Contrast setting to low provide a better representation of the full dynamic range being captured by the sensor (understanding that the image will require post-processing)?