Water-based finishes have no color. They may appear white in the can, but when dry on the wood, they don’t have the yellow/orange coloring common to most solvent-based finishes. Nor do water-based finishes yellow over time as do most solvent-based finishes.
This can be good or bad depending on the wood or woods you’re using and the appearance you want. For example, a water-based finish can look spectacular on a light colored wood such as maple or ash. But darker woods such as cherry and walnut can appear “washed out” compared to how they look with solvent-based finishes.
To avoid the washed out look on darker woods, apply a stain before the finish.