Yes this is one of the correct ways to do it. Setting monitor color profile to generic profile (sRGB) instead of custom ICC is ok if the monitor is using hardware LUT inside the OSD to manually clamp the final output.
This also solves the fact that 3dsMax, Corona, Windows 11 Photo App, and many other applications are not color managed and will ignore any ICC profile from Windows.
(But in any case, Software Color Management (ICC profiles in Windows) and Hardware Color Management (3D LUT in monitor menu) need to match. So sRGB/sRGB, or DCI-P3/DCI-P3 or CustomICC(srGB)/sRGB, etc.. There cannot be misaligment. These need to match, they only calibrate in pair).
Second option is using full-gamut of monitor (Default profile) or an wide gamut (DCI-P3 for your Dell), and then use
https://github.com/ledoge/novideo_srgb/ to clamp colors of the whole Windows on software level. This is good option for people whose monitor doesn't have sRGB mode, like many laptops or gaming monitors.
Third option, is to wait for 3dsMax 2024 which
MAYBE will finally have color management of some sort :- ). Then we will be finally able to work in wide-gamut from start to finish, like in DCI-P3.