The histogram is related to the RAW data but only indirectly through jpeg. An image is still an image - so yes, the histogram is relevant. And no, the histogram isn't perfectly matched to the raw data.
Knowing this, we can deliberately change the histogram that is displayed in-camera by altering the settings for the jpeg. The settings only apply to the jpeg thumbnail to display on the camera. The histogram is built on this jpeg (probably alot more efficient due to the decreased size of the image and the fact that you can create that data as you build the jpeg). BTW, this thumbnail image (misnomer because it's a full size image) is embedded into your RAW file (yes, both PEF and DNG). (You can extract just the thumbnail with various developers... eg. "dcraw -e <filename>") In fact, when I'm being lazy, the embedded thumbnail is what I use to prove to myself that the image is worthy of more PP. I've created my own custom scripts to iteratively extract the thumbnail, copy them elsewhere and then duplicate the exif data from the raw file to the thumbnail.
In any case, a high key sunny image, normally exposed (sunny-16, grey card, incident reading, whatever) will show up as a right loaded histogram regardless of whether or not it is RAW or jpeg derived. Conversely, a low-key image will show as a left-loaded histogram. A full frame photo of a red flower will still show more data in the red histogram than in the blue or green. Slight differences aside, the basic image is still the same.
Ok - that's the histogram stuff.
Albert: the suggestion of ETTR is exactly meant to decrease signal-noise ratio.
I think the question of aesthetics and the beauty of the process is a matter of perspective - and perhaps a difference in what we love about photography.
For me, and depending on the image, any information or technique I can use to get greater clarity, beauty, or realism in rendering ... is good information. Furthermore, I enjoy that process. I love that I can make a subtle change to the curves and see the image I had originally envisioned unfold before my eyes. To me. the process of creation only begins at the camera. Getting the most out of that image - getting the best image possible - giving the most beautiful gift image to hang on the wall ... that's all just as fun for me as setting the aperture, shutter speed, waiting for the light, setting up the tripod just so, getting the correct perspective, changing the exposure to suit the image, clicking the shutter, waiting for the MLU timer, etc. All of that is technical too. It's all second nature and i hardly have to think about it now, but it's technical.
There are some photographers who only specialize in the shot. Some artists who only specialize in the processing and print. And some artists who like to see the the process through from the camera setup to the final product.
It's all fun and it's all aesthetic - if you are inclined to see it that way.