@GreyAsteroid
you're asking for something different. let me clarify:
arc's profiles are a wrapper around chrome's profiles. but, they do sort of "sync" extensions, but not quite.
they merely install extensions to all profiles when its installed in one, and uninstall extensions when uninstalled in one of them.
if this were the case, you could disable an extension in one profile, but it wouldn’t be disabled in another, as shown in this video (these are two spaces, each in their own profile):
tl;dr, arc's profiles are indeed profiles, and act as orion's and chrome's profiles, in the way that cookies, tab history (trivial to test this), extensions, etc are separate.
i won't talk about bookmarks/favorites, as arc does not have bookmarks/favorites a la chrome.
@GreyAsteroid
this post is about firefox-style containers, meaning cookie isolation between certain tabs, in one window/set of tabs, without any sort of switching, essentially:

(crude drawing, but i think it does a great job of explaining what container are)
chrome-style profiles, on the other hand, are about cookie, bookmarks, history, exension, etc isolation across separate windows/sets of tabs, with some switching between them.
basically:

(also crude drawing, but i think its accurate enough)