When we say the expression "light fabric", are we refeering to:
1. the color of the fabric?
2. the weight of it?
(I explain it: in my language we have 2 different words for "light", one for each meaning and both are used with "fabric")
It could be either: context will tell you.
Silk is a light fabric, whereas tweed is a heavy one.>> the weight of the fabric.
That light fabric is ideal for my minimalist white room >> its colour will not be wrong in my white room
However, I would also say that "lightweight" and "light-coloured" are very often used to ensure that it is understood which is meant.