When you convert a raw file in ACR, you pick a color space (Pro Photo RGB, Adobe RGB, sRGB and there may be a few others) and bit depth (16-bit is better for smoother transitions). PS has a working color space (can also be Pro RGB, Adobe RGB, sRGB and others).
Pro Photo RGB is a bigger color space than Adobe RGB and sRGB. I think Pro Photo RGB is good for processing and editing, but not for giving to others (unless experts) or posting.
Here's a link to an article on Photography Life on color spaces.
https://photographylife.com/srgb-vs-adobe-rgb-vs-prophoto-rgb