@Ed_McGuirk – Thanks for your insights. This does make a lot sense. I too have found that the profile associated with the DNG can easily be changed once the DNG is opened in the RAW converter. This also gives a little insight into what Adobe is doing “behind the curtain.” It would seem that, if HDR Merge is profile-independent, then the “blend” is happening with the RAW data itself and not the profiled data. If so, that would be a very good thing and would account for your ability to successfully switch to the linear profile after HDR Merging.
WRT @Kris_Smith query, I’m using the linear profile for everything at the moment, not just high-contrast images. Beyond managing highlights and shadows better, I just find that the sliders in the RAW converter work better with whatever I’m trying to do. It also feels like there is some increased possibilities for creative exploration since the application of the linear profile creates such a flat image that my preconceived ideas of how the image “should” look are erased and I can approach it’s development with more of a “blank slate” approach. I appreciate that this approach won’t work for everyone, but I do like the additional creative freedom that the linear profile seems to provide.