Color is a selection tool. It does not paint. The tooltip is: pick a component to select all with the same material. The status is: select by material color. The cursor is an eyedropper.
Click something that has a material. The command clears the selection, then selects every group and component in the whole model that carries that material on itself, or that has a face directly inside it with that material on the front or the back. A parent group is not selected only because a nested group inside it is painted — the nested group is. Loose faces are not added to the selection.
A click with no material leaves the selection as it was, and there is no message. There is no undo step, because nothing in the model is edited.
There is no VCB. Tab, Ctrl, Shift, Alt, and the arrow keys are not used.