Hi @Stampede,
I’m not an expert, so forgive my sloppy terminology, but you can think of chrominance noise as the “coloured stains” that you see when opening an underexposed image without any noise reducion. Luminance noise is essentially the “grain” that you see also when looking at a black-and-white picture.
that’s perfectly fine, I think 
Better is subjective, but here are couple of things I would do with your picture, FWIW:
- use a dual-illuminant dcp profile for your camera. I generated one from dpreview’s studio scene (see this thread)
- turn off “auto CA correction” in the raw tab. Unfortunately in my experience this setting has a negative effect in colour, which is especially visible in underexposed/high iso shots
- use “colour propagation” for highlight reconstruction instead of blend, as it seems to work better here.
I also made a couple more tweaks to the noise reduction settings, because I don’t mind a bit of grain, but I don’t think this is that important.
Here is my result, just in case.
