Display Referred it is tied to the target hardware, as such it bakes color requirements into every type of media output request.

Scene Referred uses a common unified wide gamut and targeting audience through CDL and DI libraries instead.
So that color information stays untouched and only “transformed” as/when needed.

Sources:
– Victor Perez – Color Management Fundamentals & ACES Workflows in Nuke
– https://z-fx.nl/ColorspACES.pdf
– Wicus