The concept of color contrast isn't niche, but building your color palette around the WCAG contrast algorithm kind of is. It's useful for checking boxes if you're required to do WCAG audits, but is neither necessary nor sufficient to ensure actual users with disabilities are able to read your text.

For example, #F00 text on an #000 background passes WCAG AA, but will be unreadable for users with a common form of color blindness: https://accessibility.psu.edu/color/colorvisiondetails/