Couldn't get the video from your link, but managed to find the sketch elsewhere.
Farrow and Ball is a real paint product.
As the sketch suggests, it is chosen by simpler minded housewives with too much money to spend.
I think they think the colour (or color) will somehow be richer, or classier, or something.
But common old Dulux paint here can be mixed into any colour.
Farrow and Ball paint is loathed by professional decorators - there have been issues with it peeling off.
All in all, I believe Farrow and Ball to be one big con - aimed for the high end market, but just a way of wasting money.
To clarify, colour is pronounced (more or less) the same way as color.
It has to be said, many people here cringe at the spelling of words that become color, center, mom, I can't go on...
Also, the way Americans pronounce moustache (mustache??) and aluminium (alumium??!!) makes my teeth itch.