It's more like a 12 color lookup table.
> Every kind of red stimulates the bottom receptor of row 3. All shades of violet stimulate the top receptor on row 1
That's based on an experiment where they were trained to attack colored lights for a reward.
The comic also says they have 16 color receptors, but the other 4 (2 in the midband and 2 in the hemispheres), as far as anyone knows, aren't involved in color vision.