Applying printer profile in the printer dialog

This is a subject that has caused me quite a bit of confusion over the years. I notice now that the warning message in the print dialog looks like this, I think it has been updated in the last version:

Details: Color output to this device will be calibrated using the currently selected composite color profile. If the driver for this device is also set to do color correction, it may happen twice which will cause inconsistant results. Suggestions: If you wish to use the printer driver color correction, turn off the "Apply ICC profile" option under the Misc tab. If you wish to use Corel's color correction, turn off color correction in the printer driver by choosing "Properties" under the General tab.

So if I understand this correctly, the checkbox in the print dialog/misc tab, should only be checked if I want to apply the color correction as specified in the printer driver? Has this got nothing to do with the printer profile selected in the Color Management module? I have a hard time believing this, because when I change printer profile in the CM module, the printer profile also changes in the print dialog/misc tab.

To me it seems that an attempt was made to clarify this checkbox and what it does, and it ended up adding some more confusion. Can someone with some insight explain this and how it interacts with the CM module?