With the latest release of GEGL, after a long period of pondering the best approach and a shorter burst of much typing, GEGL is now internally, and externally color managed, and the color management using parametric ICC profiles combined with babl's support for pixel format encodings between the nodes of the processing graph. The biggest change is that the operations' pixel format specification/choice in the prepare stage for the graphs nodes now propagates incoming color space information.
There is no changes in the ABI or API currently used by GIMP which means existing GIMP-2.10 builds continue to work, GIMP master already contains many of the changes for using BablSpace but needs testing and refinement before these improvements also end up in GIMP-2.10.
For more details on this and preceding GEGL releases, see the GEGL release notes on the GEGL website.