"Pink is unwalkable, teal is unflyable, and white is both."
It is slightly more advanced than that
Every color is made out of three subcolors or primary colors (dunno really why green replaced yellow though)
Red, Green and Blue.
White for example is made out of 255 reds, 255 greens and 255 blues.
Black for example is made out of 0 reds, 0 greens and 0 blues.
Pink for example is made out of 255 reds, 0 greens and 255 blues.
etc, etc, etc.
When red is 255, it is unwalkable. When it is 0, it is walkable.
When green is 255, it is unflyable. When it is 0, it is flyable.
When blue is 255, it is unbuildable. When it is 0, it is buildable.
So you can imagine that now you can have a walkable, buildable, non-flyable area by using a pathing texture that is completely green.
Ussually, you wont see that color except when you use custom textures or follow tutorials about it.