If the value is not present and the list has no NULL, IN is FALSE.
no match no NULL
Read FALSE rows
The compiler records 1 FALSE row.
FALSE rows=1
IN-list examples are tiny finite WHERE-style filters with SQL-style TRUE/FALSE/UNKNOWN behavior; subqueries, type coercion, optimizer behavior, indexes, dialect details, and product claims are out of scope.
Green is not listed
Green is not red or blue, and the list has no NULL to make the answer uncertain.