Then the sensor values are converted to a JPEG. So it's still an accurate rendition of the light - even though yes, it is a rendition of the light.
But to completely replace some sensor values with some computer-generated values is a different ballgame, IMO. It's more akin to Photoshop editing, as opposed to Lightroom.
The camera sensor does not record the wavelengths of lights it is capturing, only RGB values. We can only reproduce the picture in a way that is convincing to our eyes, not what light what original being captured.
When you bring that RAW photo into something like Lightroom or Capture One they’re automatically applying a base curve to the photo before you do anything.
In Capture One you can set that to “flat” which I believe is fairly unprocessed, and it takes a lot of work to get it to a usable state from there. They also have other options, and they recently changed their default setting and it’s pretty incredible how different it is from their old default.
I agree with your point though. I dislike "computational photography".
[1] guess it is called demosaicing