This is a nice and comprehensive article from Erik looking at color contrast ratios and explains how they work. Even if you don‘t care about the double contrast ticks in DevTools, it‘s worth a read. Guaranteed you‘ll learn a thing or two.
The color contrast ratios mentioned in WCAG can give you an insight in how usable your color palette is. How that works isn't very transparent. Learn more about how the color contrast ratio is determined, and what that means for you (and your palette).