I am taking a risk here, but hoping it will not ignite wrath in the reader. In trying to get an intuition of Lie theory this diagram is all but impossible to ignore:
Unfortunately, there are many youtube videos on the group E8 and its applications to subatomic particles and such. Yet, the actual diagram is not clearly addressed.
So, knowing fully well that the math behind it is at this point beyond my level, I would like to ask for:
- What is the specific name of this diagram? Is it a Dynkin diagram? Does it have any other names?
- What is the name and/or layperson's idea of what the color coding, nodes and edges represent?

The diagram you posted is not a Dynkin diagram, but is the projection of the convex hull of the root system $E_8$ in the Coxeter plane, i.e. the invariant plane for the action of the Coxeter element on the Euclidean space where you embed the Root System of type $E_8$.
Moreover, the different colors of the edges in the picture correspond to the ordering relations between the roots, w.r.t. the ordering induced by the choice of a set of simple roots.
Similar pictures, but probably less astonishing, can be obtained in the same way for all the other irreducible root systems.
Here you can find a complete reference here.
EDIT: About Root Systems. What is a root? Suppose $\mathfrak{g}$ is simple. If you consider a maximal Cartan subalgebra $\mathfrak{h}$, i.e. a maximal abelian subalgebra of your Lie algebra $\mathfrak{g}$, the adjoint action of $\mathfrak{h}$ is diagonal and each eigenspace is indexed by a linear functional in $\mathfrak{h}^*$. The set of these functionals is a root system for $\mathfrak{g}$ and it has many nice rigidity properties. (See Humphrey's book, for example, for an exhaustive review of representations). However, the eigenspaces are not stable for the action of nilpotent elements and their permutations can be described in a nice way by combinatorics. In other words, a root system for $\mathfrak{g}$ is the set of weights for the adjoint representation of $\mathfrak{g}$.
Edit 2: How to classify the irreducible root systems? Well, one can consider a suitable subset of roots that spans the ambient space and construct the Dynkin diaagrams, that classify completely the irreducible finite dimensional root systems and then the complex simple Lie algebras.
Edit3: Weyl Group and symmetries. Let's suppose that your root system is embedded in an Euclidean space $E$. You can consider the group of transformations of $E$ that preserve your Root System. Such a group is called the Weyl group $W$ attached to the Root System you are considering. In the case of a complex simple Lie algebra it is a finite reflection group. It is easy to see that, because W permutes the roots, this action induces a permutation of the vertices of the polytope obtained as convex hull of the (long) roots. In this sense you can see the symmetry of the root system of type $E_8$ that is object of the thread. Moreover, you were asking for eigenspace decomposition in general representations. If you consider the lattice of weights of a finite dimensional complex representation, this lattice has a symmetry that is in some sense analogous: it comes from the fact that the lattice of weights of a finite dimensional representation must be invariant for the action of W!
By this picture come the nice polygons that you found described in the online lesson you posted in the comments.