If you shoot film then your camera is a "camera" and the images are processed in the darkroom or lab.
With a digital camera shooting JPEG, you have to think of your camera as BOTH the camera AND the processing lab all in one package. The camera doesn't just take the image... it processes it by applying all those things you just asked about. BUT... it ONLY does this when you shoot JPEG.
If you shoot RAW, your camera is "just a camera" again... and YOU have to deal with any processing you want back on your computer.
sRGB is simply the "safe" setting because it works everywhere. ARGB will be better if your entire workflow can support it. In a nutshell, that's basically what Gary Fong said. If you don't know for sure if your workflow can support ARGB, then working in sRGB is the safe bet. Gary made it very clear that yes, ARGB really is better... it's just not more universal.
I somewhat agree with his comment about putting all settings to neutral. You should at least be doing that in the beginning while you get to know your way around. I do everything in RAW (and I think you said that you plan to do everything in RAW too) so those settings won't actually affect anything.
I've often thought it was a bit odd to read camera reviews which talk about the color vividness of cameras... as if more is better. The saturation levels somewhat go with the emotion that I want the image to convey. When I shot weddings on film, I specifically used Kodak VPS (Vericolor Professional Type-S) -and- printed on matte finish paper. This is because the film provided somewhat muted or softened colors -- you can think of it as giving just the gentlest hint of pastel into the colors -- but that's because I wanted the images to convey a tranquil beauty because they were, after all, wedding photos. If I wanted to convey high-energy then I might go for stronger and more saturated colors and probably print on gloss. So when I see people comparing cameras based on the contrast or colors, I tend to downplay the credibility of the writer... as if some some level of color and contrast is THE level. These are subjective and readily edited to taste when post processing the images.
In the same way that you can use light to convey a feeling or emotion in a image, you can also use color as yet another factor. So there is no "best" color -- the color needs to suit the intended effect you're going for.
SO... by just leaving everything neutral (which is what you're going to get out of a RAW), that means you're going to adjust all of that in post.