I think you might be meaning “color transfer function” a.k.a. EOTF a.k.a. gamma rather than “gamut.” BT.2020 is a color space that defines a gamut just like all other color spaces. BT.2020 is usually combined with some HDR transfer function, and this is not included in Shotcut. You must use more precise terminology when talking about these advanced video features.
The change is related to this discussion that explains how to do some very limited HDR editing with an inadequate preview. If you do not understand it then, basically, what you are doing is not supported yet. At the very least, this change lets you see if the current Automatic Video Mode is actually using BT.2020 color space instead of what it was showing in previous versions–a situation you might want to avoid. Because you can now use a LUT filter to convert HLG to SDR (instead of a transcode conversion), you probably want to ensure the Video Mode color space is Rec. 709.