Regardless of the way the PS4 works you have three settings
auto, full or limited.
now if you have read up on the manual or contacted your tv manufacturer for clarification then you will know which one to set it to.
if you have a full rgb compatible tv then set it up to use full (may need to change the input to PC on some tv's) and set it to full on the console.
if you don't then use limited.
doesn't matter how the PS4 uses the RGB profiles if you know what your tv uses you just set it to the same one.
i did some reading and my tv has a HDMI content detection built in, so my tv automatically adjusts the picture depending on the HDMI signal.
one example of this is every time a console is detected it automatically puts the tv into game mode (lowest input lagg). another example is every time a 3d signal is detected it automatically puts it onto 3d mode, etc.
so i have left all my settings on auto and left HDMi detection on that way it should work out by itself the best settings to use hopefully. if you have a low-mid end tv limited is probably the best setting to use though. if your using a monitor then full. auto is probably best if you have a high end tv and don't know what it's capable of and have HDMI content detection enabled.