You need to be a bit careful believing everything you read or watch on the internet. The above statement is not correct and/or misleading in many respects & appears to be extracted from Epson's literature.
It is pointless working in a colourspace that greatly exceeds the colour gamut of the scene captured. It limits the graduations available. There are a relatively few colour ranges that exist in nature that exceed sRGB. Please Note I said relatively few, of course there are but these are handled fairly well by rendering intents. There are exceptions of course, some flora colours, some rare deep blues etc.
Pro photo RGB also exceeds the visible spectrum by about 10%, good luck seeing those. In fact, good luck seeing anything on screen or print that gets anywhere near the most saturated greens of Pro Photo RGB.
It was a direct quote from Epson literature and literally the first or second thing that came up when I did a search. I agree about not believing everything I see or read on the internet. However, i do believe in the real world differences I see with my own eyes when doing side by side comparisons. I really don't think there is anything misleading about that particular statement, but I'm no pro so I could be wrong. I do know that often just a soft proof from Adobe RGB to sRGB shows changes I'm not fond of in most of my images. it often tames them, especially in the greens and blues. Maybe your experiences differ? In the image from the gentleman who did the video I referenced above the difference in the blue and greens was quite obvious after converting to the smaller gamut of sRGB and I am talking about the differences on an actual print from my printer not a soft proof or some images optimized for web display).
As for Pro Photo, to be honest that is a new term for me. I'm still stuck in the Adobe RGB world as I have been out of the game (or maybe not deep enough into to begin with). My intention however is to retain the data I have (Adobe RGB). I'm not trying and create more by converting to a larger gamut (Pro Photo RGB). If my camera can record Adobe RGB, I see no reason to try and upscale it to a wider gamut for the sake of a wider gamut. However, I see no reason to immediately discard information it may (or may not) have gathered by immediately converting to the smaller gamut of sRGB either. if and when camera capture Pro Photo I'll be into it, until then I'll stick with what they can capture
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Now if I am going to the web, sure I'll optimize it for that (sRGB). However I'm conversing about optimizing for print on a device that is near (I think) to Adobe RGB. the suggestion about it being handled "relatively well by rendering intents" is interesting. I'd rather use data I have then throw it away only to have software re-render it "relatively well". Alas maybe I don't understand that process very well. Maybe this is the extent of pixel peeping in some regards but really I'm not so sure it is. I know without doubt that converting a very colorful image to sRGB lowered the intensity of the blues. Would I have known if I just saw one print or the other in isolation? Probably not. However, it was quite obvious how much more saturated and dense the colors looked when using the wider color gamut. It might just be these subtle differences that people can't quite put there finger on that makes an image go from "nice" to "WOW", but that's just my opinion.
As for outsourcing, I think someone asked about. The one and only lab I've ever used accepts sRGB or Adobe RGB. They will color manage for you or accept a file from you keeping the color space you have (assuming it's sRGB or Adobe RGB) and then apply "no color management". they even allow a few free 8x10's from free to help you dial in your profile for their work.

