Tone
Color category, instrument-level.
A single-knob tilt EQ. It shifts the balance of the whole instrument between low and high, without asking you to pick a frequency.
Controls
Tone. Turned down, the highs come off and the sound gets warmer and darker. Turned up, the lows come off and it gets brighter and more present. At the centre the instrument passes through unchanged.
There are no presets. One knob covers everything the effect does.
When to use it
When an instrument sounds muddy, turn it up. When it sounds harsh, turn it down. Small moves do more than they look like they will, because the knob tilts both ends at once.
For anything more specific than "darker" or "brighter", use the EQ instead: it lets you name the band you want to change.