Well, it Fuji X-Raw Studio develops X-Trans raw files with the available film simulations per camera model to JPG using a specified output color space applying some very basic additional conversion settings that you would also find in the camera – as it is actually using the camera to generate the JPGs. You can save conversion profiles for repeat use, and the conversion of each RAF leads to a sidecar file documenting those individual conversion settings.
It certainly ain’t a piece of software with great user interface, its operation is a bit clunky and not very intuitive, but it allows you generate ACROS versions of your raws or any other film simulation with Fuji great color science included.