That color there in the picker in my screenshot shows the real color, the same you get in Photoshop. When sRGB is on it shows the gamma changed Unreal RGB color. Digging deeper into it I found out that when you put a Power node with 2.2 in front your color you get the real RGB back. sRGB seems to be because of how lighting works but since I don’t care about realistic lighting in my game it doesn’t really matter for me.