Products and Collections (Custom Post Types) both have menus displayed on the left admin menu. You can see all products and collections as well as edit, add or delete them. The (1) Color Options link and (2) Product Types link in both menus lead to the same location.
(1) Color Options : Taxonomy
(2) Product Types : Taxonomy
Setting options let you control how many images are allowed per product color, and which image will be used with components in templates. Set the index value to select which image to display in the primary color of the product selected as the collection primary or product type primary.
(1) Product Type Index
(2) Collection Product Index
(3) More From Collection Index
(4) Pairs Well Index
(5) Max Product Images : Sets the maximum number of images per color.