It’s neither, when you datashade some input it becomes rasterized into an RGB array. If you need to change the color you can provide a cmap argument to the hvPlot call with a list of a single hex color. It might be nice if hvPlot automatically did that when providing a color though, so an issue would be appreciated.
Options and parameter names have often bedeviled me.
One approach I have found useful is to print(toplots) which shows the plot type, and hv.help(element_type) which shows a list of all the applicable options