Edit In External editor doesn't limit any RGB conversions unless you apply a parametric edit in LR. You can open an RGB document in an RGB color space that isn't listed in the preferences so, if its in ColorMatch RGB and you simply ask to open in that external editor, LR simply hands of ColorMatch RGB. Unlike what you suggested, when using "Edit in" an external editor, LR allows any RGB profiles to be honored UNLESS you apply proprietary, parametric edits just like it would with raw.