Light and color go hand in had in my opinion. They are interconnected. However, you can also analyze them separately.
Light has been around since the beginning of time, and as we have evolved as humans with our technology, our lighting has progressed into not only natural light but artificial. I feel that light just like color can provoke us to feel a certain emotion, or controls how we as people act ourselves. Do the light and color make us feel more intimate or more exposed. Do we feel happy, energized, gloomy, sensual? Moods and emotions are directly related to the color and the lighting qualities in a certain space. Color is important in design not only for creating certain emotions within us, but color allows us as designers to highlight certain aspects of a space and to show hierarchy. For example, if on the same wall you have mostly cream color, and then have a rectangle of color around a painting it highlights the painting. Therefore, bringing recognition to a certain area of the wall. Lighting can be used in the same manner. You can use specific kinds of light to like track lighting to highlight a painting for example. However, light is more powerful than highlighting a painting. It can be used with color to create a wash or graze of color and light. Light can be bold and so can color. Moreover, they can also be soft and airy. Light allows us to showcase textures and, therefore, allows us to use our senses of touch and sight to experience a place. However, no matter what the color of a space is, it can take on different tones of that color by the use of light. Depending on if the light is natural, or artificial, dimmed, or at full emmitence can change our perspective of any color. Overall, light and color do and should directly affect design. It can change peoples outlook with just a stroke of color or a fun use of light. They have a strong power in the design world and always will.