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The difference between 3 cable and 5 is this:

Composite (AV) Yellow = video. Red and white are L + R audio

Component (5 wire) are 3 (Yellow/Blue/Red) video + Red and White for L + R audio

Y carries luma (brightness) and sync information.
PB carries the difference between blue and luma (B − Y).
PR carries the difference between red and luma (R − Y).