This video shows how you can enable Stems based waveforms in VDJ8.5/2021, and then goes into details about what each color means when you "read" the waveform
EDIT: at 7.34 I of course mean "snares" :)
Color explanation::
Vocals are green
Melody will be more toward cyan.
Red is bass
Blue is hihat or high pitch drums or snares
Just kick is white, but is rarely seen alone, so it often makes the colors brighter/less saturated
Music by:
Music by Jens East ft. Lotta Rasya: http://edmroyaltyfree.net
Rachel K Collier: / @rachelkcollierrkc
Music by FASSounds: http://edmroyaltyfree.net