The basic answer is Yes there is a difference between Chroma Key and Color Correction, I answered both of your question about chroma key color correction in your previous posts. To had some more information about color correction, it has many uses other than just correcting color that was either incorrect due to lighting or camera settings. It is also used to change color, enhance color, or create different effects. Here color correction was used to create a black and white vide of the people, yet retain some of the background color.
Chroma-Key is for setting a color to to transparent from a video clip or still frame image, whereas the Color Correction would allow you to select a color and add a secondary color to it, just as George shows in his video below.
Color Corrections is a great tool if you are only wanting to effect a color portion of a video or still frame picture. I often use it to address less then perfect color conditions in some of my photos (IE: enhancing the blue sky or making my lawn look lush and green).
Chroma-Key would be like what a "Weatherman" uses where the map of the region is behind them as they point out particular points of interest in the weather.
I have followed your video for colour correction but when I get to the point where I take the saturation to 0 the picture retuns to normal colour. If I just leave the stauration on and just press the play button the picture also just returns to the original colour,