Hi Jan,
It's exactly what Yoav says.
The pivots have two modes, depending on the Knee Soft, if its enabled or not. If it's not enable, the pivots doesn't "break" the curve into Black, Gamma and White as you probably expected, because it extrapolates the gamma adjustment affecting whites. It doesn't change the normal math of the traditional Primary correction. So instead of understanding these pivots as ranges (like in Bands), where you limit the different ranges of the trackball, here the white pivot reacts in fact as a real pivot, so the curve rotate at that point when you control the gamma, but again it extrapolate that change to the whites to keep the consistency of the curve.
When you enable the Knee Soft, the math changes. And then it reacts in a more "ranges" way, so the whites are not extrapolated from Gamma, they are a full independent control, which allows you to fix the position of the white and control the gamma in a separated way. This mode is really useful in many circumstances, but depending of the amount of softness of the Knee Soft (0 is no softness), you can "break" the curve in the white pivot, which is something that do not happen with the Knee Soft disabled.
So basically, Primary has two modes: one with Knee Soft enabled and one with Knee Soft disabled. It affects Whites especially, and it is especially useful for HDR projects (that's the reason why we call HDR to the mode with the white point at 50 and the Knee Soft enabled). It's true that the 50 value is not a real value for PQ or HLG, but many clients have reported it works well in both scenarios.