You are correct, sir! Silly me, I *assumed* we were talking about black and white film. insert shame-faced smiley here
For color film, I can tell you how I do it, but I use Lightroom. Not everyone who has access to Photoshop also has access to Llghtroom but if you are subscribed to the Adobe Photography Plan, you have both.
I do all my negative conversions completely in Lightroom using the Negative Lab Pro plug-in (NLP).
The NLP plug-in is not cheap, and it is not all that easy to learn how to use, but once I got the hang of it, I started getting pretty good results. In the past few years all my film has been b&w, so I got out of the habit using NLP for color, but recent updates to NLP have made it even more powerful.