Hi all,
so on WolfgangS's recommendation, I started experimenting with ACES.
The results are astonishing, and it turns out ACES is far superior to basic 709 transform LUTs ( so no specific cinematic color or look enhancing 709 LUTs) in term of color rendition. Also, the Vegas internal Sony Slog3 LUT is very inaccurate and quite useless. ACES also definitely shows the least amount of banding, if not none at all.
Vegas internal Sony Slog3 to 709
Sony SGamut3CineSLog3 To LC-709TypeA
ACES rec709