The \color command in the core TeX input jax is not standard in that it takes the mathematics to be colored as one of its parameters, whereas the LaTeX \color command is a switch that changes the color of everything that follows it.
The color extension changes the \color command to be compatible with the LaTeX implementation, and also defines \colorbox, \fcolorbox, and \definecolor, as in the LaTeX color package. It defines the standard set of colors (Apricot, Aquamarine, Bittersweet, and so on), and provides the RGB and grey-scale color spaces in addition to named colors.