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Colour correction consists of correcting issues and balancing shots, so they look natural and unified. Colour grading consists of adjusting colour and contrast to serve a creative or stylistic choice.
Lumetri is the suite of professional-quality colour grading and colour correction tools that let you grade your footage directly on your editing timeline in Premiere Pro.
Yes. Even if you use the same cameras and lights for every shot of your project, when you get to post-production you might find that your hue, saturation and brightness have changed from one camera set-up to the next. Once you’ve corrected the colour so your video has an even, unified look, you can use colour more artistically.