Hello,
Currently, if Color Correction is turned off PhotoScan doesn't change brightness and colors of original images, blending them only in the overlap areas. When the difference in brightness for the images in the set is low such blending will be sufficient. But if there are big differences some bright or dark spots may appear on the orthophoto. So using Color Correction option allows to balance the brightness across all the images in the set before generating orthophoto or texture. And it doesn't depend on the blending mode used.