Although in a normal RGBA image, Alpha is thought of as a transparency channel, it might be better to think of it as the
mask channel. When you just apply it to an image, it masks that image off, hiding the parts where the mask/alpha is black. If you apply the same channel instead to a color correction, it prevents the correction from taking place where the mask is black.
In fact, you can use
any channel in Fusion to mask a tool. Alpha happens to be the one we use most often, but if you had a Puzzle Matte from Redshift, for instance:
https://cdnb.artstation.com/p/assets/im ... 1480450193you could use the red channel to mask the image to affect only the skyscrapers using the options in the Common Controls tab of the tool:

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