At first I thought tone mapping was a thing for HDR images only used to "display" the dynamic range which our monitors can't show. Turns out that RAW images tend to have a high dynamic range too. So they are actually HDR images too. And now I'm thinking:
What do I actually see when I look at the preview from my Camera or LR? Where is the extra range? is it clipped? or already tone mapped?
What happens when I slide the shadows slider up or the highlights down? what is LR doing to "bring back the highlights"?
(bonus Q) are the occasional Halos on RAW caused by the tone mapping?