Adjustments to the video card LUTs effects the signal before it's sent to the display. Adjustments to the LCD display controls effects the image after it's been sent to the display but before it's put on the LCD screen. The effects of each are the same; altering a 8-bit/channel image.
Selecting presets does the same as adjusting the RGB and contrast controls on the LCD display. The color characteristics of a LCD are baked into it during manufacturing. The only thing that can be adjusted on them that will not degrade the image is the brightness control as that is the only analog adjustment available.