GIMP Version: 2.10.8
Operating System: Windows
GIMP Experience: Basic Level

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I recently got Photoshop Elements 2019 and I've been shuttling between that and GIMP 2.10.8. Every time I open a file from PE in GIMP (whatever format .psd, .jpg) I get this window. I've read that if I don't choose to convert the file that I'll lose color. So I don't have a problem converting it. But what if I do something in GIMP and then go back to PE and back and forth between the two of them. Will I be
getting whipsawed color and image quality-wise?

And if I just want to do something non-color related (like re-sizing) I can just choose "keep," right?

And what is "Black Point Compensation"?

Thanks.