Here's the tests on my Canon 9500 II
Visually, a quick print from a cell phone snap in sRGB produces a much brighter and more saturated print using Printer Manages with the default driver settings than printing with the driver in ICM mode or using Photoshop Manages. Also, the default drive mode clips colorspaces to sRGB while the ICM driver mode does not. Here is what happens behind the scenes.
There are 8 charts showing the Lab response to Perceptual Intent as well as various Printer manages color modes.
Chart 1 is with the chart in Lab using the standard Photoshop Manages Color using the canned profile.
Chart 2 is with the chart in Lab using the standard Photoshop Manages Color using my custom I1Profiler profile.
Chart 7 is with the chart in Adobe RGB using the standard Photoshop Manages Color using the canned profile.
Chart 8 is with the chart in sRGB using the standard Photoshop Manages Color using my custom I1Profiler profile.
The canned profile shows a hue shift of about 15 degrees and an increase in luminance near the neutrals. The result is a brighter, and less blueish green at high saturation. The custom profile shows no hue shift and a fairly flat luminance that is about 8 Ls lower than the canned profile in neutrals.
These demonstrate conversion to sRGB prior to printing as well as large shifts towards brighter and more luminous color.
Charts 3, 4, 5 and 6 were printed using Printer Manages Color with driver mode (not driver ICM) selected. The image data was in, Lab, ProPhoto, Adobe RGB, and sRGB respectively. All 4 images with differing colorspaces produced very similar charts that indicate the image was first converted to sRGB then the print was processed. It is certain that conversion to sRGB occurs because they all have an a* curve bend at approx. a*= -36 which is the sRGB gamut edge. However, note the actual printed values of *a which vary from about -42 to -46 which is from 6 to 10 units of *a more saturated. Further, the Luminance is increased even further with all the L values starting off at 60 in the neutral patches, 12 higher than that of the custom profile. That creates a very large visual difference and is the default for Printer Manages Color.
These demonstrate that, when the driver is operated in ICM mode, the image colors are not clipped to sRGB but are converted per the supplied, canned profile.
Chart 9, 10, 11, and 12 have source colorspaces in Lab, ProPhoto RGB, Adobe RGB, and sRGB. The colors are much more properly rendered and the source image data is not clipped to sRGB. They are reasonably close to the results obtained using Photoshop Manages Color with the canned profiles.