Should I create a profile using Matrix or LUT based setting?Profiles themselves can be matrix-based or LUT (lookup table) based, both of which include the white point of the device. But matrix-based profiles are very small, while LUT profiles are much larger and more complex.
A matrix profile is a mathematical model made up of the three primary colorants of the device and some simple tonal curves, referred to as a 3 x 3 matrix.
A LUT-based profile contains much more information, consisting of a table of numbers that allows you to find an input value and its corresponding output value.
Matrix based profiles are used for simpler devices, such as scanners and monitors, while LUT-based profiles are used for more complex devices, such as printers. There are many different color spaces available, and most of them are matrix based. The advantages of a matrix-based profile are conversion speed and the ability to convert back and forth.
While there isn't a right way or wrong way to select this setting, for general-purpose work, X-Rite recommends creating a matrix-based ICC display profile. For greater color precision, you may wish to select the table-based option.