There are three basic categories of colour theory that are valid and useful: The colour wheel, colour harmony, and the context of how colours are used. Colour theories create a logical structure for colour. For example, you can organise a collection of colours then place them in a circle that shows the colours in relation to each other.
Albers was one of the first modern artists to explore the psychological effects of colour and to question the nature of perception. I find his work influential as he looks at colour in depth, his paintings/studies are beautiful just as they are and I appreciate the meanings and theories behind them.