I think the color here indicates the specular color of the material, but in that case the wood would have a blue reflection against the light which is definitely not realistic.
This is one of the reasons we have a new hype, called PBR = physical based rendering. In previous rendering ages artists tried to fake realistic materials by tweaking things like colored reflection on wood etc. The rendering techniques used were not really realistic and with some fake the artists could create the illusion of a more realistic materials.
"New" is, that the rendering engines try to use a rendering technique based on physical properties, so that realistic materials can be created with more realistic parameters. Instead of using a colored (fake) specular map, you would use an albedo (for color information only) and a monochrome specular channel and hope that the rendering engine will handle it in a (more) realistic way.
I think, that most modern engines like the newest version of unreal, crytek and unity, will use PBR now.