I notice you're asking for a "deep guide" to — but specifically mentioning versions 2016–2020 .
The (added in Hotfix 1) has been removed. Corona now automatically applies the correct gamma based on the 3ds Max color management settings. Corona Renderer 11 Hotfix 2 for 3DS MAX 2016-20...
If you are currently on Corona 11, the answer is a definitive . Hotfixes are essentially "maintenance" patches—they don't change the UI or the tools you’ve learned, but they fix the "under the hood" bugs that can ruin a weekend render. Corona Renderer 11 Hotfix 2 for 3ds Max