It's not merely an analogy, just the same EM waves scaled up in frequency by a few orders of magnitude.
Proper receivers use a phase-locked loop to “lock on” to a carrier, rejecting any weaker interference on nearby frequencies.
In the analogy, suppose you’re decoding a signal from a flashlight over the entire color spectrum, but sunlight shines through the leaves of the tree, adding a slight green noise component to what you see, while the flashlight is actually red. You’ll erroneously interpret the signal as slightly yellow.
We don’t have anything like the PLL in our eyes, so the analogy breaks down here. In the equivalent scenario with an actual FM signal, that slight “green” component would not affect the received signal (or it would affect it to a much lesser extent).