And based on your comment: “Once it’s done, you’ll notice that the image no longer looks flat and ugly because you’re now seeing the SDR version created by the Dolby Vision analysis.” it looks like I can further color grade after the analysis and before the rendering. Sweet!
Yes, you can do color adjustments after the Dolby Vision trim analysis, and your GUI screen will show those adjustments with the new SDR tonemapping applied on top.
EDIT: or perhaps a best practice for users of Resolve would be be to import the file container with HEVC HDR into Premiere, apply the Dolby vision, and export that to a DNxHD or DNxHR to be used as the new source to edit?
I personally recommend using the HDR version of the film as the source. This way, any fan restoration or fan edit you’ve made will be preserved in HDR, so your work is future-proofed and you can make an HDR version in the future after HDR grading monitors come down in price. Regardless of what method you choose to convert HDR to SDR (whether you use a Color Space Transform or the Dolby Vision analysis), you’ll still be able to export in SDR. You just also have the flexibility to make an HDR version in the future without having to redo the edit from scratch.
But if you bake out the SDR conversion and then use that as a new source, you’re actually limiting your ability to make color adjustments because the “new” SDR source has less dynamic range and a smaller color gamut than the original HDR source. And you also won’t have a future-proofed edit that can be used to create an HDR master in the future, if desired.