I added the parenthetical _expression_ precisely because I know that you can’t ignore backwards compatibility.
Try reading the proposal. You might find that this is exactly what is proposed.
For LDR displays it is sufficient to do blending in high-precision linear then encode back to sRGB for storage in the frontbuffer, exactly what most sRGB rendering capable GPUs can do today. For HDR high-precision linear is needed and that is one of the opt-in choices in the canvas colorspace proposal.
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