If you are talking about image playback, then it’s a small resolution camera processed jpg what you see in the LCD.

It’s the white balance settings, picture profile , noise reduction, auto light optimiser / dynamic daylighting etc etc. all camera settings are applied to the file and shown in playback as jpg.

In case of live view, in mirrorless cameras, if you have enabled the real time simulation, then what ever values of white balance or exposure compensation you dial in, it will be shown in real time.