So, to clarify, the histograms in ACR and Lightroom are showing where the working colour space is clipping the saturation of the red, blue, and green channels of the converted RAW file from the camera. With ACR it is possible to choose a working space (e.g. sRGB, Adobe RGB, ProPhoto RGB) but Lightroom has only its own proprietary working space ‘Melissa RGB’. I can’t speak for Capture One.
So, the clipping indicators are not really showing ‘exposure’ at all.
Personally I wouldn’t use these clipping indicators as a guide to in and out of gamut colours. In any case, I have found they have only limited usefulness.