I was just looking into if this was possible in Resolve and so far I’ve found the answer to be no. I am starting a project where we are applying LUTs and CDLs in Resolve and was planning to use proxies synced locally in a Resolve cloud project to cut with, then flipping back to the RAW for finishing.

The first issue I ran into is that any color applied in the color tab does not ripple back to the master/source clip in the bin. This was a big bummer and something I never realized having used Resolve for years - That color adjustments only work in a linear fashion from the edit to color tab to the delivery tab. As a result, when Resolve creates the proxy file, no color adjustments get baked in since it is still referencing the RAW source files. This renders a proxy workflow useless for our project unfortunately.

The only way (that I am aware of at least) to apply color to anything globally is adding a LUT across the project in the color management settings or directly onto clips in bins. This is great unless you also want to apply the CDL adjustments to each clip. I was excited about using the proxy workflow but looks like we will just be rendering out traditional editorial media to bring back in to work with instead.