So by adjusting the JPEG contrast setting, you can change the RAW level where the JPEG clipping indication begins. If you have contrast set too high, then you'll find yourself unnecessarily reducing exposure in situations where the RAW isn't clipping at all, just because you see a lot of blinking highlights
My goal is to make ETTR more reliable by making the histogram and the clipping indication more closely reflecting the raw data. I don't care the least for the clipping in the embedded JPEG; I am comparing the raw clipping in Rawnalyze with the clipping indication in the camera (the in-camera histogram is good only for a coarse judgement). With a neutral WB and neutral other settings (including contrast=0), they match within 1/3 EV
. If I reduce the contrast to the minimum, i.e. I apply negative contrast, the camera hides
some of the raw clipping.