That's correct, and both options work well.
For web, I solve it permanently by not touching IE (which for some mysterious reason converts everything to sRGB for display, thus assuring complete meltdown with wide gamut).
I use Firefox, with color management set to mode 1. With this configuration, Firefox assigns sRGB to any untagged material, including page elements, respects embedded profiles - and converts all this to the monitor profile. So that ensures everything displays correctly.
