Colour profile stuck at 'sRGB IEC61966-2.1' & Night Shift not working?

One day after a routine weekly restart of my Mac, I found that Night Shift stopped working. I was troubleshooting the problem and my eyes caught display color profiles. The profiles weren't working. After a quick Google search, I realized that many people have been unsuccessful in getting it to work even after resetting the PRAM & such. I had a hunch that Night Shift wasn't working because the default display color profile wasn't found by the system i.e 'Color LCD'. Instead, it was showing 'sRGB IEC61966-2.1' (when 'Show profiles for this display only' is checked).

I'm happy to share that I've found the solution to the problem! The answer to this problem is to simply go to the 'Display' tab and check 'Scaled' option instead of 'Default for display'. Then, simply select whichever option fits you better. Once you select one, the display will reset automatically and you'll be having the correct display profile along with Night Shift working again. Magic!

Attached screenshot: