I switched the color space to sRGB, and here is what we see.

Now, I'd call that a dramatice difference, and clearly shows why you have problems like this -- an image that is well withing the aRGB space is totally clipped in sRGB. In other words the camera collected "good" image data and, especially if you shoot in Raw all that data is available to work with -- even with a jpeg you can work over that image to a fair degree just by working on the Red color channel.