It sounds like you're confusing some things....
You don't "profile your printer for the calibrated monitor in sRGB".
Calibrating your monitor means: Setting the color temperature, brightness and contrast to optimum values for color reproduction.
Profiling means: Measuring how a device reproduces color and use these measurements to make an ICC profile. This is not dependent on any other device (such as your monitor when you're profiling a printer, for example).
You use a device such as a Spyder or Eye One to calibrate and profile your monitor. That will leave you with an ICC profile for your monitor. That ICC profile is a device dependent profile for your monitor, which doesn't have anything to do with sRGB, Adobe RGB or any other standard color space. The ICC profile describes how your monitor renders colors. Color management aware applications such as Photoshop will use the monitor profile to make sure that colors are displayed correctly.
Likewise, if you want to use color management for printing, you need an ICC profile for your printer, ink and paper type combination. That is again a device dependent profile, which doesn't have anything to do with sRGB or Adobe RGB. It describes to Photoshop how the printer reproduces color with the specific type of ink and paper you're using.
Next to your monitor profile, you have a number of device independent profiles, which describe standardized color spaces such as sRGB and Adobe RGB. You should use one of the standard color spaces as the working space in Photoshop, so that Photoshop saves your images in a standard color space.
Adobe RGB is a wide gamut color space, which means it contains a wide range of possible colors. sRGB is a small gamut color space, which means it contains less colors than Adobe RGB. sRGB was invented by HP and Microsoft and is supposed to match the "average monitor", so that if you display an image in sRGB on an un-calibrated monitor using software that is not color management aware (the largest part of Windows applications), you'll get a good chance that it will look OK (it won't be really accurate).
Colors that are inside the gamut of both Adobe RGB and sRGB should reproduce exactly the same, whether you use Adobe RGB or sRGB for the working space of your image.
Because Adobe RGB is a wider gamut space, it contains more saturated colors in some areas. It's possible that in your case, when you use sRGB instead of Adobe RGB, the particular red colors are "clipped" because they don't fit in sRGB. I don't know what "popular belief" you are referring to, but this is how it works...