My limited understanding is that a College has an affiliation with a University(which also accepts students directly and is often more prestigious than a college) to enroll students and take exams

I'm still new to it myself and haven't done much research

College is generally more vocational, while University is academic. You go to University to get a professional degree, a Bachelors, Masters or Doctorate, but it's technically more research-oriented while you go to college to get work qualifications in a specific field. The vocational qualifications can run a little parallel to the academic ones typically up to or just below a Bachelors - eg some electrical qualifications can go towards or are equivalent to a regular degree.

Universities are composed of colleges.

Colleges specialize in specific areas of study.

For example: college of education, college of music, etc.

vs