I've tried a couple different settings for converting DNG files using the Save Photo as... command. The DNG was created in ACR from the original NEF, after editing. It is saved with the color space set to AdobeRGB.
When doing the Save Photo as..., I have unchecked the box for "Convert to sRGB, never-the-less, the resulting JPGs show the color space as sRGB. I have tried this using both of the "When using RAW:" setting.
An I see that when using the "Render RAW if possible" setting, none of the ACR edits are reflected in the resulting JPG.
Is that as it should be?
OSX V10.11.5; PM version V5.0 build 17338