The normal interpretation of a component video signal is one in which the luminance and chrominance remain as separate components, e.g. analog components in Betacam VTRs, digital components Y, Cr, Cb in ITU-R BT.601 and 709. RGB is also a component signal.
Component video signals retain maximum luminance and chrominance bandwidth and the frames are independent of each other and so can be edited at any frame boundary.
See also: Cut (edit)