Photoshop provides two palettes for selecting color, a) Swatch Palettes b) Color Palettes. Some specific colors can be used without remembering the numeric color values. Also, colors can be extracted from an available image. Default swatches and custom swatches are also an additional option for the users.
Photoshop light room is a software designed for photographer to make post-processing work easy after photography. Key features in Light room are PNG Support Full Screen Mode User Configurable Grid Overlays Windows HiDPI Support
To fix the blown out colors in light room, you have to go to local adjustment brush option in lightroom and you can adjust your color. Either you can reduce the effect of color or either you can balance the effect of color by increasing the proportion of the opposite color.