I am getting a bunch of warnings like:

"warning: ICC profile has color_space_cmyk but expected color_space_rgb"
"warning: ICC profile unknown version: 0x0"

What are ramifications of these? They appear to be added to the pdf anyways. Is it possible that the images won't display correctly in the pdf?

It suggests that some images have invalid ICC color profiles, in which case Prince will not embed the profile separately in the PDF file. This will not cause problems unless you are post-processing the PDF in a way that requires valid ICC color profiles to be there.

Will it affect anything if we are outputting directly to jpg?

No.

Alright thank you.