Another way to say this is that conventional 3 channel renderers pre-integrate the spectrum of lights down to 3-channel colors. They don’t necessarily assume three lights, but it’s accurate to say that’s the net effect.
It’s mostly just about when you integrate, and what you have to do when you delay the integration. It’s kind of a subtle distinction, really, but rendering with spectral light and material data and integrating down to RGB at the end more closely mimics reality; the cones in our eyes are the integrators, and before that everything is spectral. Or more accurately, individual photons have wavelength. A spectrum is inherently a statistical summary of the behavior of many photons.