Bit depth (8,10,14 etc) vs color resolution (4.0.0, 4.2.0, 4.4.4)
Bit depth refers to the number of steps in luminance. 8 bit has 256 levels of Red, Green, and Blue. Or even 256 luminance, and 256 for each color channel (like LAB space).
4.2.2 etc refers to the number of pixels recorded in each channel. Ie. 4k for the luminance channel and 2k for the color channels.
You can have 10 bit 4.2.2 or 8 bit 4.2.2 or even 16bit.
What is most important for color correction is the bit depth. 4.2.2 vs 4.4.4 only effects the resolution of the image and not the bit depth, which is important for grading.
Color resolution is very important when doing green screen composites though. 4.4.4 will pull a more detailed matte.
Hope this helps clear this up:)