It is supposed to be used to calibrate or create a custom profile. Have you used it? (I guess it may need Gnome, but maybe not…
You may get a proper profile from other OSes, if you multiboot.
Check the linked article for your options.
If your issue is not application specific, I think it might be because of GPU drivers configuration.
Look up in Intel and Nouveau archwiki topics for possible troubleshooting.
Since ICC is used from specific apps (not all), try starting relevant apps that use them and also try starting them with DRI_PRIME=1 (to use nouveau) comparing appearance.