Yes. This. 1000 times this. Premiere needs color management before it needs any other feature.
Hopefully it actually works? I bought a RED Dragon brand new and from day one the screen has had horrible issues like bad static. I sent camera and display in for repair 3 times and 3 times they sent it back acknowledging it had a problem but without fixing it. Purchasing a RED camera was probably the worst decision I've made in my career. Not a day goes by that I'm not jealous of my friends with Arri Amira's because, you know, they actually work. How novel. Hopefully my mistake can help others avoid experiencing the same. Be wary of anything RED.