
The fill colour of the selected object. There are colour chips for each colour supported by the current colour mode, plus “Erase” and “None”.
The colours available:
Note that Hierarchical and Palette actually share a colour value (i.e. you can’t have Primary on one and Secondary on the other!). This is an Apple restriction.
When changing your colour to or from Erase or None, this applies across all colour modes. If you want to separately configure your object’s colour per mode, use the divergence button to the right of the colour chips:

Stroke colours follow the same logic as fill colours. Again, if you don’t want your object to have a stroke, choose None for the stroke colour. The stroke’s width, join, endcap, alignment and dashes live on the Stroke pane.
Knockout clears whatever lies behind the shape before it draws, so it punches a clean hole through the symbol. It clears only what the shape paints: a filled shape clears its whole footprint, a stroked shape with no fill clears a band on both sides of its stroke and leaves its interior alone. To hollow out a fill-less shape, give it an Erase fill. The outset widens the cleared band around everything the shape paints, and is per weight.