If you start off with an 8-bit display pipeline and apply a white balance and gamma correction on top in the video LUTs, yes...if you have a display that does it's internal white balance and gamma adjustment in 10-bit precision, no, it won't really be a problem. That's the difference in the displays from EIZO & NEC that do their internal adjustments in 10-bit.
Does it affect how many adjustment points you can place like say in ACR's point curve tool and have it reflected in the preview?
I don't have an 10 bit internal LUT display, but I do notice this difference editing in ACR versus editing the gamma encoded data in Photoshop. Just wasn't sure if it was affected by the display profile TRC.