"Under the Westinghouse system, therefore, brakes are applied by reducing train line pressure and released by increasing train line pressure. The Westinghouse system is thus fail safe—any failure in the train line, including a separation ("break-in-two") of the train, will cause a loss of train line pressure, causing the brakes to be applied and bringing the train to a stop, thus preventing a runaway train."

Without air pressure -- from line or cannister, the brakes fail in the activated mode.

I'm trying to find a source, but my understanding is that red/green for lit signals as "stop/go" came about after an earlier mode, in which a steady white light meant "go" proved problematic: the red disks fronting stop lamps could fall out (or perhaps be broken), leaving ambiguity as to what "white" meant.

Switching to red and green lamps meant that the failed-disk mode now clearly indicated a signalling problem, where the signal could not be trusted.