I am using Acrobat DC Pro Version 2021.007.20099.

My system details are CPU i9-10920x, GPU NVidia 3090 Studio driver 472.12, 256GB RAM, sveral m2 and SSD drives, Windows 10 Pro 21H1. I use two Eizo CS2721 monitors in 10 bit mode and both are calibrated and profiled using Eizo's colour navigator 7 software to produce v2 profiles.

The issue :

I create a document in InDesign including 3 placed images each based on the same image but converted and tagged with a different profile in Photoshop (ARGB,sRGB,ProPhoto) . All three, as expected, look identical on the InDesign page as they did in Photoshop and print direct from InDesign identically. So far so good - colour management is working correctly in In Design and Photoshop.

However, I then export from In Design to a PDF using "High Quality Print modified" to "Acrobat 8/9 PDF1.7" and with Colour Conversion set to "No Colour Conversion" and "Include All RGB and Tagged Source CMYK profiles".

If I view that exported PDF in Acrobat Pro DC, the three images still look the same as each other in the PDF, so the tagged image profiles are being used, but all three look oversaturated compared to the In Design and Photoshop display. By oversaturated it is like viewing untagged sRGB on a wide gamut monitor. Opening the same PDF in Photoshop or InDesign displays correctly.

As a test I set both monitors to use an incorrect (linear gamma) profile. Photoshop and InDesign now display incorrecty (as would be expected with such a widely incorrect monitor profile). Acrobat DC Pro displays the same oversaturated images as it did before - absolutely zero change despite the deliberately broken monitor profile. My conclusion - Acrobat DC Pro is ignoring the monitor profile and just assuming that the monitor is narrow gamut (close to sRGB).

I have uninstalled and re-installed Acrobat DC Pro - and it has not changed these results.

Dave