Game uses 32,769-65,536 colors.

16-bit (High Color) is part of the Color Depth category. Color depth refers to number of bits used to represent a color of a single pixel. In layman's terms, it's the number of colors the game supports, and in some cases which colors in case the game features grayscale (shades of grey) only.

Different graphic modes may support different number of colors, or software and 3D renderer may affect that too. Or game can use 8-bit color mode for FMVs but 16-bit for in-game graphics. In such cases, all supported color depths by the game should be selected. Note that color depth refers to original number of colors supported by the game, not by which monitor you can play it on (since monitor may be B&W yet perfectly play color-only game in black & white).

Color depth in this case does not refer to game's palette which can often be larger than the number of colors that can be displayed at the same time. If game uses 256 colors palette but can never display more than 16 colors at the same time then no screenshot from the game will have more than 4-bit color.