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Is it correct to say that Adobe Color Management "Is a system for profiling how devices such as monitors and printers “see” color and convert what you see on screen to most closely display how your output device will display."
If that's wrong, how?
That's right if you interpret "output device" extremely widely to include stuff like printers. Basically color management is a tool to make sure the image looks the same wherever it goes. More info:
Posts
http://help.adobe.com/en_US/aftereffects/cs/using/WS61A9D13D-919A-4010-A3A2-00477A81FDB0a.html
http://www.gomediazine.com/insights/color-management-in-adobe-photoshop/#.UILkMs-oH7E