@AOE4:
Consider that the kinds of paints that we’re discussing have three basic components - the pigments (solids that provide the color), binders (which essentially “glue” or “bind” the pigment particles to the substrate and to each other) and carriers (aka “vehicles” or “thinners” which create the desired viscosity so that the paint can be brushed or sprayed). There are, of course, other ingredients that may be included like drying retarders and flow aides, but the essential parts are the pigments, binders and carriers.
(Note that in some paints, like artist oils, the binder and carrier properties are inherent in a single component, usually a vegetable oil like linseed which dries and polymerizes over time leaving the pigments bound to the substrate. However, in the kinds of model paints we’re discussing - three basic components.)
Acrylic binders have little to nothing to do with the composition of the pigments. Acrylic binders form special “long-chain” molecular structures when they cure which are generally impervious to redissolution (i.e. they generally cannot be re-dissolved to return to their pre-cured state). These long chain polymer structures “lock” together to create homogenous, film-like coatings that also incorporate the pigment particles. Thus, the advantages of acrylic binders over other types of paint binders are their resistance to future applications of solvents and thinners and their durability and adhesion.
Acrylic binders come in two basic types (with regards to the paint formulations): emulsion type acrylic binders and solvent based acrylic binders. The emulsion types can be said to be “water based” and the solvent types can be based on either petroleum or (most common with model paints) cellulose solvents. In either case, once the carrier or solvent has evaporated and the acrylic binder has cured, the resulting long chain polymer film will resist redissolving with a future application of the thinner (unlike many enamels - before fully curing - and most lacquers - even after long curing times - which can be redissolved on the surface by an application of the thinners - which then causes each fresh layer of paint to incorporate into the earlier layer to create a new homogeneous, thicker layer of paint.)
These properties of acrylic paints are why they generally tend to break up into large flakes and particles when you clean them from your airbrush or “hairy sticks” after they have dried (cured). It is also why “tip drying” can be such a problem when spraying them as the small ball of cured acrylic paint forms on the tip of the needle and becomes impervious to subsequent paint flowing past it. (Tip drying is another subject for another time…)
So, back to your original observation:
Not exactly. While I suppose it may be that there are some modern pigments that are manufactured using acrylic polymer ingredients, the kind of binder (acrylic; enamel; lacquer; or organic binders such as, oils, waxes, gum Arabic, starches, egg white, etc.) has nothing to do with the kind of pigment. However, the kind of binder used has everything to do with the kind of carrier (aka: vehicle, thinner, reducer) used.
So, water for emulsion types of acrylic binders, and alcohol / lacquer thinner for cellulose types of acrylic binders.