Calibration would have some affect on text fringing since it is adjusting a wide colour spectrum, so if it neutralises out say red channel, then red fringing around text should be reduced too although to what degree is depending on the panel I guess as each will deviate slightly. Same as before if I eyeball right up to the screen I can see some fringe on white text with black background, but black text on white background is now free from any fringe that I can see now.
Yeah a display colour profile is created including a look up table and other parameters that the gfx card is told to output for the calibration to work in conjunction with the OSD RGB/brightness etc changes that were made during the calibration profiling stage.
When you load the Windows 11 Display Settings window, it will momentarily detach the profile then attach it back again, you can see for a second or so the reference unmanaged look vs the managed look once the profile attaches again.