The sRGB checkbox changes the visualization of the color represented by the RGBA values, but shouldn't actually change the values themselves. Hence it is correct that the values do not alter when toggling the sRGB checkbox.
The Color Picker is showing a difference in color space when toggling the sRGB setting, but the final resultant color is always the sRGB true color.
1. Open QA Game Editor
2. Create a New Material
3. Add a Constant Vector 4
4. Open the Color Picker for the new Vector 4
5. Set the Color to Hex Value 990000FF
6. Toggle sRGB
7. Accept new Color
RESULTS: New Color is still using sRGB color space
EXPECTED: New Color should reflect RGB color space
Head over to the existing Questions & Answers thread and let us know what's up.