For instance, if we set a tolerance level of 20 in Adobe Illustrator for a CMYK color with values C=70, M=47, Y=55, K=60, does the tolerance apply as a ±20 range for each channel (e.g., C=50-90, M=27-67, Y=35-75, K=40-80)?
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Yes, exactly. That's the basic rule about CMYK colours I was trying to explain in my rather generalised statement above.
It gets a bit different when there are 0 % inks. Basically, the 0 % inks do not count, unless you change at least one of the non-zero % inks. Then the zero % inks kind of may get some bonus points.
A long time ago I created a comparative table that should explain the issue in detail. Will have to look at one of my archives and post it in case I can locate it.
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