As that raw frame is still nothing more than a normal bitmap all the cameras settings such as white balance, ISO etc are in fact baked in to the recording. Each pixel only has one single value and that value will have been determined by the way the camera is setup. Nothing you do in post production can change what was actually recorded. Most CMOS sensors are daylight balanced, so unless the camera adjusts the white balance prior to recording – which is what Sony normally do – your raw recording will be daylight balanced.
Modern cameras when shooting log or raw also record metadata that describes how the camera was set when the image was captured.
So the recorded raw file already has a particular white balance and ISO. I know lots of people will be disappointed to hear this or simply refuse to believe this but that’s the truth about a raw bitmap image with a single code value for each pixel and that value is determined by the camera settings.
This can be adjusted later in post production, but the adjustment range is not unlimited and it is not the same as making an adjustment in the camera. Plus there can be consequences to the image quality if you make large adjustments.
But then many people will tell you that you can’t grade log as well as raw. Often they will give photographers as an example where there is a huge difference between what you can do with a raw photo and a normal image. But we also have to remember this is typically comparing what you can do with a highly compressed 8 bit jpeg file and an often uncompressed 12 or 14 bit raw file. It’s not a fair comparison, of course you would expect the 14 bit file to be better.
The other argument often given is that it’s very hard to change the white balance of log in post, it doesn’t look right or it falls apart. Often these issues are nothing to do with the log recording but more to do with the tools being used.
It’s the reduced compression and deeper bit depth possible with raw that can lead to higher quality recordings and as a result may bring some grading advantages compared to a normal ProRes or other compressed file. The best bit is there is no significant file size penalty. So you have the same amount of data, but you data should be of higher quality. So given that you won’t need more storage, which should you use? The higher bit depth less compressed file or the more compressed file?
But, not all raw files are the same. Some cameras feature highly compressed 10 bit raw, which frankly won’t be any better than most other 10 bit recordings as you are having to do all the complex math to create a colour image starting with just 10 bit. Most cameras do this internally at at least 12 bit. I believe raw needs to be at least 12 bit to be worth having.