What Is Color Management?
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partnerhelp.netflixstudios.com
Printing introduces an additional complexity to the already complex situation described in the OP. Specifically printers have different primary colours (cyan, magenta and yellow) to screens (red, green and blue) and colour is subtractive, so that adding all the colours makes darker results, unlike screens, where increasing the red, green and blue ultimately makes white (actually printers have to add black - the 'Key' in CMYK - to get true black). The colour management and calibration issues are conceptually similar, though.
Cyan is white without red (#00FFFF), magenta is white without green (#FF00FF), and yellow is white without blue (#FFFF00). We use these colors because pigment absorbs different wavelengths of light, so we start with white and absorb (i.e.subtract) different amounts of red, green, and blue (the components of human eye-sight) instead of starting with black and adding them!
As an added bonus fact, black is all of the pigments at the same time, so we can just add black ink to the lowest of all three numbers then add up as needed. The actual math is waaaaaay more complicated because sight, pigment, and light are are bananas more complicated, but that's the gist.
This isn't really a Netflix perspective. This is standard movie making 101 kind of information that Netflix just happened to have written down in an accessible way (at least for well funded productions where you can properly staff the required roles). This document writes down the basic conversation between a DP/DIT/editor/colorist should all have before the first frame is ever shot/cut/graded. Sadly, this doesn't always happen. How many Netflix productions must have had issues that they felt the need to produce this document?
It is interesting that the movie studio that is paying for the production is a very technically savvy studio and it is clear that they are trying to future proof their content. Based on this article alone, I would also assume that they have other articles dictating minimum resolutions/frame rates/etc that they will allow their content to be shot.