Options like “Dynamic Colors” and “Now Playing color source” have the options “Material” “Theme mode color” “Dominant color” and “Vibrant color” but it is unclear what the differences between each of these are.
“Dominant color” seems to only affect text, while “Vibrant color” and “Theme mode color” both seem to do the same thing (change the text and background color).
Dominant color will pick the most pronounced color from whatever album art you have playing, or are viewing, vibrant will usually pick whatever complimentary color there is to that dominant color. Just try the settings and see what happens…. that’s all I did to figure that out.