Display color management
You could add the same new Premiere Pro color management in After Effects.
Thank you for filing this request. Can you please clarify what you would like to see added to After Effects? Please post that as a new request. This one has been closed as Resolved.
After Effects has supported display color management for many years. More information is available on this page:
A difference between how Premiere Pro and After Effects use display color management (DCM) is that After Effects has a fully configurable color management pipeline, whereas Premiere Pro uses DCM but does not allow you to configure a project working space. In order to enable display color management, you must choose a project working space in After Effects. (Project Settings > Color) Once a project working space is set, DCM is enabled in After Effects.
Under the hood, Premiere Pro currently assumes Rec. 709 for most color management tasks. This is a simplification of what actually happens, but in terms of comparing the two applications, Premiere Pro behaves most closely to After Effects if the project working space is set to Rec. 709.
If you desire a different behavior in After Effects, please create a new request that clarifies how you would like the color management workflow changed.
Justin Spencer commented
I still can not get Adobe Aftereffects to display colors correctly on my iMac Pro P3 monitor. I have tried every color profile in the list. Some get slightly closer colors but nothing will reduce the contrast. I've also tried adjusting the gamma setting. Every other application I run on my iMac will display colors correctly and consistently either out of the box or simply by selecting a color profile. I don't have to faff around with gamma settings or get a masters degree in screen calibration, they just work. Adobe Aftereffects is the only application I run that will not display colors consistently with every other application I use. I've attached a screen grab to demonstrate the difference. Lots of people are having this exact same issue however I have not yet found a suitable solution to this problem. Is there a solution to this problem? Do Adobe even consider this to be a problem? I initially thought it could be an issue with Apple however as I mentioned everything else works perfectly. Its just Aftereffects.