Hi thui and welcome to the forum.
I process RAW files in ProPhoto for one reason, it's very simple and should help you clarify, why you should too. As you point out it is the largest colour space available, this makes it ideal for editing purposes, saturation shifts are handled a lot better, you do have to be careful not to go out of gamut, but there really is no downside to ProPhoto. If you are taking it to a commercial print house, then it will also have benefits, if you are printing it on your home printer, maybe not so much.
Most RAW converters (certainly Adobe's) also use ProPhoto as their colour space, so to use say sRGB or Adobe RGB, you are in effect throwing data away. Does, it matter? Have you seen your work on a high gamut monitor or printed?
As an alternative to ProPhoto if you feel it is too large to be useful is an option like BetaRGB or Melissa, they are both larger than AdobeRGB, but smaller then ProPhoto.
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