sRGB is a relatively small color space, so if you save as sRGB, it will get converted to the smaller color space. Any colors that are outside of the sRGB gamut will be changed. How they change will depend on the rendering intent you have set for the color space conversion. Going from 48 bit to 24 bit isn't so much of a big deal as the gamma of sRGB is ~2.4, which lets you encode about 12 stops of dynamic range into the 8 bits worth of tone values. Your whites will be really white, and your blacks will be pretty black, assuming you have a display that can actually display 12+ stops of dynamic range.
In video land, the color space is rec.709, which is the same size and has the same primaries as sRGB, so it'll be the same as sRGB in terms of how the colors look. The gamma for rec.709 video isn't the same as sRGB, but they both are about 12 stops of dynamic range.
All that said, sRGB has been the display standard for a really long time, and rec.709 will be for quite a while as well. That's all most of us have been seeing for quite a while and we don't know any better. If you have a monitor that can actually display AdobeRGB or ProPhoto and you do color work, you'll discover pretty quickly just how small and how few colors sRGB actually displays relative to much larger color spaces. The difference is actually being able to display and see those colors, but if you've never seen a display that does, you don't know any better. There's nothing wrong with that though. People have been looking at sRGB for the last 15-20 years and very few if any people have been making much noise over the size of the color space.