I believe there are places where it is convention to use one color for routine bag deployment, and another for emergencies. (That is not the case in the PNW.) It would be good to know the local procedures before purchasing a bag, although I do not believe the orange ones are used for emergency anywhere.
A DSMB can be deployed at different points in the dive, and for a number of reasons. If you are doing drift deco off a site, deploying before you leave the site allows the boat to track the team. If you are doing a blue water ascent, the line up from the bag gives you a visual reference (and if you cheat, hanging on the bag makes your buoyancy easy to manage, too!). Putting up a bag on a staged decompression dive alerts the boat that you are (or aren't) on schedule. A bag MAY alert water traffic to the presence of ascending divers (or it may look like a great slalom reference, too), and on the surface, an SMB can be inflated to signal a distant boat. They're pretty handy things to own; I never dive off a boat (even my own) without carrying one.