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According to the description, Color blending mode keeps the Saturation and the Hue information of the blending layer and uses the Brightness(Value) of the underlying layer.
This information makes the blending mode the best for coloring the monochromatic black/white value painting, but instead Photoshop makes things all over the place.
Multiply layer seems to be doing what Color is supposed to be doing. If I use the 'maximum brightness' color in a multiply layer, over a monochromatic layer, the rendered color has the desired effect. The multiply layer keeps the brightness info of the underlying layer, and uses the saturation and hue of the color I picked. (As long as I always use the maximum brightness of a color)
Why is Color Blending mode work like this and why do many artists use this instead of multiply?