The subtitle appears below the title of the page. It defaults to the theme's highlight color, but you can change it specifically for this page.
The title appears at the top of the page. It defaults to the theme header color you set in the Theme Customizer, however, you can change it specifically for this page.
The title area is the area behind the title, subtitle and page button. If you add a "featured image", the image will overwrite the title area background color. It defaults to transparent, but you can change it specifically for this page.
The Content Area is the area where you page content is displayed. It doesn't affect the background color of sections, your footer, or your navigation area. It defaults to the theme header color you set in the Theme Customizer, however, you can change it specifically for this page.