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Okay so if I have Sharpening set to +5, that will be applied to the JPEG when I convert from RAW to JPEG in DPP (unless I override / change that) ?
That's correct, DPP starts with the camera settings as its defaults.
The best way to see what happens in different program's is to set the style for b&w . In DPP you will have a b&w image , but all the colour info will still be there . So if you reset the settings yo will have a colour image.
With the same raw file In LR you will first see a b&w image and then as LR draws its own preview you will then see a colour image.
Also , if you have a recent canon body the raw contains a full size jpeg (older bodies the jpeg was very small) . You can extract this jpeg with various program's. I use 'instant jpeg from raw' . It's really quick , and very handy when you want to view and send images to someone else