Color plays a vital role in photography and video. I would say it gives the work soul. Premiere Pro is constantly updating their NLE, and although their color correction tools were good, it's getting even better soon. Lumetri is becoming intelligent.
Once you press the auto-tune button, all the changes the artificial intelligence makes will be reflected in the basic color correction panel, so you can see what it's doing and make refinements as you please.
I've used the color match feature in Premiere, which does a decent job and gives a good balanced final export in the end, but it seems like this will be able to modify the whole video's look if time is a factor.
It will be replacing the Auto Tone button currently found in Premiere, and it will be providing more sophisticated color correction, with better results, and with a single click.
It now uses all the Basic Correction settings providing more nuanced results, and it gives you the ability to fine-tune the settings depending on the scene and your style.
It is still in Beta, so if you are planning on using it now, Auto Tone should be applied before other color effects. And it is not currently compatible with log-encoded video or log-to-Rec709 LUTs.