You can change your site’s title, tagline and site icon (favicon). For WordPress 4.5 or higher, site logo is added in site identity section.
You can add logo image and logo height from this section. Default logo height is 62px.
This section gives options to change theme color, banner text color and background color of the theme.
The theme color changes color of the website which you can choose from the color picker.
Banner text color changes banner title and subtitle color.
Background color simply changes the background color of your site.