Click the control or press R to activate.
The Rainbow Intensity control, part of the Primary Diffraction Spikes control group, sets the saturation of the color in the multicolored repeating "rainbow" pattern in the Primary Spikes. This is mixed with the color of the highlight.
Higher Rainbow Intensity values produce a stronger rainbow effect.
Note that with this control turned all the way down only the highlight color will remain in the Primary Spikes.