
Bob Flexner wrote a book for wood finishers, Understanding Wood Finishing, that breaks down oil paint in simple terms for the rest of us:
Some oils (like linseed and walnut) are drying oils, and can be used as a finish on their own, but don't really form a hard film finish.
For that you need a varnish, which is an oil cooked with a resin.
Paint is a varnish with a pigment added.
That's different from an oil mixed with a pigment mentioned in the article, which is probably fundamentally similar to a straight oil in terms of its properties. Maybe somebody who paints with oil paints can weigh in?
His columns in Popular Woodworking and other woodworking magazines are worth a read, as is his book, if you're interested in understanding what you're really working with.
Tying this all back to the article, I'd disagree with the claim that paint is "colored glue". One typically doesn't glue things together with paint, though that is a sometimes unintended consequence of putting something on top of something else with an incompletely cured layer of finish. You certainly couldn't use e.g. linseed oil as a glue in a joint where oxygen isn't getting in readily like a mortise and tenon joint.
A discussion of oil vs varnish here:
https://www.popularwoodworking.com/techniques/finishing/oil-...