Here’s Vincent’s take on the new Apple Color Balance.
Seems like one is better off selecting one of the TV color presets like Cinema or Reference to get more accurate colors.
These days the Cinema modes are quite accurate on TVs, but most people don’t use them because they are either too dim or that most people prefer a punchier but less accurate picture. If I try to use color balance on my BenQ reference mode (which is too dim except at night), Apple TV reports that it can’t improve it. But it does seem to improve the brighter modes