Suppose I have a two-level quantum system whose orthonormal basis is $\{ |0\rangle,|1\rangle \}$. Consider the projector onto the one-dimensional space spanned by $|1\rangle$: $P_{1} = |1\rangle \langle 1|$.
(viewpoint 1) Since $P_{1}$ is Hermitian, I think we can interpret $P_{1}$ as an "observable" whose eigenvalues are $1$ for $|1\rangle$ and $0$ for $|0\rangle$. If so, suppose then I prepare a state $| \psi \rangle = | 0 \rangle$. I wonder what will happen when we perform a "$P_{1}$ measurement" on this state $| \psi \rangle = | 0 \rangle$. From what I learn in quantum mechanics, the measurement will prepare for us the eigenstate of the observable, or more properly the quantum state will collapse to the eigenstate of the observable. Now, since we can interpret $P_{1} = |0\rangle \cdot 0 \cdot \langle 0| + |1\rangle \cdot 1 \cdot \langle 1|$, we might say that the measurement $P_{1}$ on $| \psi \rangle = | 0 \rangle$ will prepare for us still $| 0 \rangle$ (up to an overall phase) and we will obtain measurement result "$0$", and the probability for this to happen is actually $1$, because $|0\rangle$ is indeed just one eigenstate of $P_{1}$.
(viewpoint 2) However, I also sometimes heard people say that when we perform an measurement, we act the operator of the observable on the quantum state, which I am not sure whether it is a proper statement. This is because if we interpret $P_{1}$ as an observation, and act it on the state $| \psi \rangle = | 0 \rangle$, we will obtain zero because $P_{1}| 0 \rangle=0 $. Then from this viewpoint the quantum state will just "disappear" after the measurement, which is weird. (I am considering a closed quantum system so I expect the probability to conserve)
Which of the viewpoints is correct? Thanks.