Stress is a measure of the force applied per unit of area of a cross section of the beam. Like how much force does a part of the beam “feel” passing through it.
Strain is a measure of relative deformation.
In the graphic above strain is visualized with the color scale, and you can see that the more a part of the beam has moved relative to its original state (unloaded, dark blue), the more the color of the part goes up the scale on the side.
It's clearly an animated mode of a eigen value analysis. Therefore it's "displacements" that a structure experience when subject to a vibration at it's natural frequency. However the actual maginitude of these displacements have no meaning it is only to represent type of deformation shape one would see. If it were stress or strain you would see colors close to the base (support) of the beam.