The in-camera color settings don't affect RAW in any way. Changing color space (i.e. from sRGB to Adobe RGB) changes only the look and embedded color space of your in-camera JPEG, and also the JPEG preview embedded in your RAW files, that you see on the camera display and in most image viewers.
Raw data is just that, raw data, it contains only raw light values of each particular physical pixel of the camera sensor. It's completely independent of any color space or even color model (RGB, LAB, HSL, CMYK etc.). So it is completely up to a RAW converter software to interpret that data and make an image out of it, usually with your additional adjustments. Different converters have different algorithms for making this interpretation and different default values set up by the developers, that's why they will yield different images from the same RAW file.
Only when saving the RAW image to a raster file (jpeg, tiff, etc.) does the idea of color space comes into play as each pixel's final values (usually RGB) have to correspond to a color space for your photo to show correct colors.
If you always shoot in RAW and never use camera JPEGs for commercial printing it's best to leave color space settings at sRGB for the sake of convenience (correct colors in previews) and workflow consistency.