If you're going to do any serious editing, don't use jpeg format to shoot in. Use HEIC. Much better quality than compressed jpeg. As was stated above RGB is what these phones shoot so use that as the editing space. I've heard some people recommending Lab color but unless you have a 16-bit image to start (doubtful
) it will get degraded going to 8bit Lab ...
There's no two ways about it - film photography is an expensive hobby. I calculated that every time I press the shutter button on my Rolleiflex, it costs me about £2, considering film, development and scanning costs. You are going to have to bite the bullet to some extent. But I think film photography is a fun and rewarding hobby - it's worth keeping that in ...
Instead of thinking about colour space better check if your camera can take RAW photos (usually DNG). On most of the cameras this is named Pro mode (Android). If you use Apple device download Lightroom and use it to make RAW photos.
I am not aware of phone which can take photos in colour space other than RGB. And my advise is to stay with it.
The trick is to only change colour profile once
You can do it at initial import, or you can do it right at the end before you save your final output, so long as you only do it once.
If your output is for a printer, ask them what profile they want to receive. Many commercial consumer-level printers these days want your output as sRGB.