Is this made from titanium or aluminium? - perhaps it was just the name of the color options?

Products with 'Titanium' in the name are machined from Titanium alloy, yes. 

TC4 Titanium Alloy is the most commonly used for torches, pens, knife handles etc.

If a product has 'Titanium' in its title, it is made with titanium. We never use the word Titanium as a colour name for another metal.