I found it can be applied but it doesn’t do anything. I suppose it doesn’t change the history because it hasn’t used any tools. But then applying “no corrections” doesn’t register in the history either.
Now, that is the interesting part.
With an empty preset, none of the tools have a blue stripe down the left edge
With a new preset, based on no corrections, all the tools have a blue stripe down the left edge
With an empty preset, you can add every tool - except the Tone Curve.
With a new preset, based on no corrections, all tools are already added, just not enabled. trying to remove the Tone Curve hides the blue stripe but changes the numbers to 6502 - and then you can’t add it back again.
Interesting. I’m not sure myself but others will have differing opinions