@Ed Fritzen Nikon Picture Control only affects JPGs out of camera. RAW are only affected if you use the dedicated Nikon RAW converter. All other RAW converters (to my knowledge, which is outdated in terms of Nikon) ignore Picture Control settings. These settings are relevant for JPG-only shooters.
You can set up your Z 5 to save RAW + JPG. What happens with these two files when you edit in Nitro, I can’t tell – I only use JPGs out of camera on very few occasions, i.e. if there’s no compatibility with a very new proprietary RAW format, I use RAW + JPG until the converter gets an update and accepts the new RAWs. Else, I see no point in shooting JPGs. It’s like using a Polaroid camera instead of a film camera – quick results, but rather limited use.