Editor/camera histograms vs. RAW histograms
The two SOOC jpegs examples below were shot the same except for the dynamic range setting (Fuji X-T2) - DR200 (basically off) on the left, and DR400 (2 stops of dynamic range "enhancement") on the right with their corresponding histograms in Lightroom directly below them...
Flatter highlights in the DR400 example (R), but similar histograms.
Below are the corresponding RAW histograms (via RawDigger). As can be seen here, the DR400 RAW histogram (R) is 2 stops darker (further to the left), in this case indicating 2 stops less exposure (due to the DR mode requiring a higher ISO setting and, relative to the first example at base ISO, a 2 stop reduction in sensor exposure.
So why isn't the image 2 stops darker in Lightroom too? Because the camera's jpeg processing has compensated for the reduced exposure used by the DR mode automatically, and Lightroom will similarly read a metadata tag in the RAW file telling it to also compensate by moving an, invisible to you, "exposure" slider 2 stops to the right before you ever see anything, producing an initial image of similar brightness to the example with "normal" exposure..A RAW histogram used in this way is a great way to understand what's actually going on "under the hood".
But what does that mean in the real world? Well, in this case it shows that while the resulting images look similar at first glance, there is a price to pay for a sub-optimal exposure, pretty easily seen here upon closer inspection...