SUMMARY
Using Night Color disables selected icc profiles and changes to default profile.

STEPS TO REPRODUCE
1. Aplly icc profile through Color Correction in System Settings.(colord-kde package may needed.)
2. Enable Night Color
3. 

OBSERVED RESULT
Night color disables applied icc profile and switches to default color profile.

EXPECTED RESULT
Night color should not interfere with icc profile.

SOFTWARE/OS VERSIONS
Windows: 
macOS: 
Linux/KDE Plasma: 
(available in About System)
KDE Plasma Version: 5.17.5
KDE Frameworks Version: 5.66.0
Qt Version: 5.14.1

ADDITIONAL INFORMATION
Same problem doesn't happen with Gnome night light. It happens in redshift but they added preserve color option that doesn't interfere with icc profile. 
(This preserve option is not default because it causes many issues such as changing temparature disables selected icc profiles or disabling redshift through widget causes screen to go redder as well as, again, breaks icc profile, instead of disabling.)
https://github.com/jonls/redshift/issues/309

This bug also might be related with (Bug 413134 - Night colors disabled when we open gamma in settings) but i am not sure. 
https://bugs.kde.org/show_bug.cgi?id=413134