HSV/L are conceptually close to the way artists have been thinking about color for centuries, since the days when everyone ground their own pigments.
Hue is the angle on the color wheel. Which somewhat translates to wavelength if you ignore the fact that we see chords of high blue + low red as the colors we give names like purple, indigo, violet, and magenta.
Saturation is how intense the color is. Lower the saturation and it turns grey, or pastel. We have a few special names here; "pink" is a low-saturation red, for instance.
Value/lightness how dark/light a color is. Lower the value on that "pink" and you might get something you'd label "brick red": it's darker, it's still definitely reddish, but it's not the most intense red you can get while still being kinda dark.
Saturation collapses as you go to the extremes of value/lightness, it's just pitch black at one end and pure white light at the other.
Hue is the angle on the color wheel. Which somewhat translates to wavelength if you ignore the fact that we see chords of high blue + low red as the colors we give names like purple, indigo, violet, and magenta.
Saturation is how intense the color is. Lower the saturation and it turns grey, or pastel. We have a few special names here; "pink" is a low-saturation red, for instance.
Value/lightness how dark/light a color is. Lower the value on that "pink" and you might get something you'd label "brick red": it's darker, it's still definitely reddish, but it's not the most intense red you can get while still being kinda dark.
Saturation collapses as you go to the extremes of value/lightness, it's just pitch black at one end and pure white light at the other.