The Color Balance (HLS) effect alters an image’s levels of hue, luminance, and saturation.

Hue

Specifies the color scheme of the image.

Lightness

Specifies the brightness of the image.

Saturation

Adjusts the image’s color saturation. The default value is 0 which doesn’t affect the colors. Negative values decrease saturation, with ‑100 converting the clip to grayscale. Values greater than 0 produce more saturated colors.