Questions
Is this a real film emulation?
No, and it does not claim to be. A measured emulation needs the actual response curves of a named film stock. These are five plausible looks made from channel gains, lift, saturation and contrast — honest colour grading, not a copy of a specific stock.
Why is the grain grey rather than colourful?
Because real film grain moves all three channels together. Independent per-channel noise reads as sensor noise, which is exactly the thing people are trying to get away from.
Does it reduce quality?
Export is JPEG at quality 0.92 from a copy capped at 1800 px on the long edge. Your original file is untouched, so you can always go back.