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Saturation is the intensity of a color. This intensity is achieved by adding grays. A color with less gray is considered to be highly saturated, whereas a color with more gray is less saturated. Saturation does not affect the hue - or color - of your work. The grayed red is still red. Nor does it affect the value. Unless you take away all color, the tonal values remain unaffected.
Use less saturated images to denote a restful, peaceful mood. Highly saturated images place with grayed images provide high contrast. Try your work with various levels of saturation to see how they affect your work.