Apologies, I thought it was a known thing. It's a pretty standard color correction model in video... I've attached examples from... a version of Resolve and FCP7.
Basically color wheels tied to shadow/mids/highlights and in resolve, though not pictured, there's also a global corrector. Capture One also has a similar option. It's very useful for eliminating color casts, since it's not tied to a single RGB channel. The addition of lightness/saturation, per range, sliders are also nice for fine tuning the correction.
Think of it as a different GUI approach to the Color Balance adjustment layer. It could just be a toggle in that tool... since it's function is so similar, but again, you can get faster results by being able to control all three color channels at the same time.