Regarding item.Labels(), the documentation for 12.5.2 states "The first is a wildcard pattern that lets you filter the returned labels based on their category. For example, pass "Status" to only retrieve a list of status icons assigned to a file."
This returns all the item's labels:
item.Labels()
This returns all the item's labels in the 'Status' category:
item.Labels("Status")
Anything other than 'Status' returns nothing, including 'Colors'
item.Labels("Colors")