Similar to other metadata like camera status information or lens meta data the look file travels in each clip’s file header. This means as long as you have the original file or a copy it is possible to extract the look file from it. Transcoding destroys all of the embedded metadata.
Looking at ALF-2 in, for example, ALEXA Mini, it plays a central role in a production’s camera department. ALF-2 gives the director, director of photography and costume department and a close idea about the final image: