To paraphrase Heinlein: "If I told you, you wouldn't know. You would simply have been told."
Play with them a little. Find out.
Summary: the 3 way corrector is another view of the Levels adjustment (same math, different UI). Yes, the other color adjustments can do much more than the 3 way corrector.
Long version: go play with all the other adjustments, or read up on what all of them can do. You've been missing out on a lot of possibilities.