[Diggsey]

No, sRGB refers to both a colour space and an encoding of that colour space. The encoding is non-linear to make best use of the 256 levels available per channel, but you were never supposed to interpolate sRGB by linearly interpolating the encoded components: you're supposed to apply the transfer function, perform the linear interpolation at higher precision, and then convert back down into the non-linear encoding.

Failure to do this conversion is what leads to the bad results when interpolating: going from red to green will still go through grey but it should go through a much lighter grey compared to what happens if you get the interpolation wrong.