Yes, and depth is the same thing again. Lightness is how light or dark a color is. Analysts call it value, and you’ll also see depth. One axis, three names. Lightness is the word to keep, because nobody has to translate it.
Take two warm colors. Peach #FFCBA4 is very light. Chocolate #4E2F1E is dark. Same warm lean, very different weight near a face.
Your own lightness comes from skin, hair and eyes together. A very light coloring, like Light Spring, can look overpowered by a heavy, dark color. A dark coloring, like Deep Winter, can make a pale color look faint.
Lightness is often the first thing you register in an outfit, before you name the color. So a color can be right in temperature and still feel wrong. It was simply too dark or too pale for you.
You’ll also read hue, tint, shade and tone. Hue is a color’s name: red, blue, green.
Tint is a hue plus white, so it gets lighter and softer. Shade is a hue plus black, so it gets deeper. Tone is a hue plus gray, so it gets quieter.
Good to recognize on a paint chip. For your face, lightness and intensity say the same things with fewer words. And tone already hides inside skin tone, undertone and overtone, which is enough.