I didn't mean to kick a beehive with my quasi-speculation about exactly what 'printer manages color' means on different printers (by which I mean driver / firmware / hardware sets). And I may be about to demonstrate my considerable ignorance. But just consider, going back to the original change: the OP chooses the desired ICC profile, and chooses the rendering intent, and in some (like PS) but not other (like LR) software back point compensation is optional. Presumably in the scenario LR or whatever is effectively doing a 'convert to profile' on the image data as the software spools out the data to the printer, right? Now you turn that off and instead choose printer manages color. In this scenario, does the software making the print tell the printer whether the transmitted image data is in sRGB, or ProPhoto RGB, or whatever? Even if the printer knows the image's color space, and the printer contains internally what is basically the equivalent of ICC profiles for Epson papers, the printer still has to choose a rendering intent, or else default to some specified one. And if the incoming data does not specify its color space, how does the printer know? And if the printer does not know the image data's color space, it can't use those profile-like data sets. Instead it has to either assume (maybe sRGB?) or else drop that approach and on the fly effectively perform an auto white balance / auto levels to make the data look what the driver's / firmware's internal logic says would be 'good'. Or at least, that's the way it seems to me--but most of you know a lot more than I do, so please correct me wherever applicable.
I'm inclined to run this test: take a couple of images that are obviously 'off'--way too dark, color balance clearly off, the like--that I think my local drugstore would mostly fix with auto-corrections. Print each once with full color management and a second time with printer manages colors. Now do the same with images that are right. My supposition is that possibly the former will show more noticeable changes between the two prints, and the latter will show smaller changes. That would tend to demonstrate that some sort of 'auto correction' is occurring.
But hey, I may be veeeeeeery wrong--feel quite free to educate me. Thanks!