What a color contrast checker actually measures
Relative luminance, not brightness as it appears to you.
WCAG converts each colour to a single luminance value using a weighted formula that treats green as contributing far more than blue, because human vision is far more sensitive to green. The ratio is then the lighter luminance plus 0.05 over the darker plus 0.05, which lands between 1:1 for identical colours and 21:1 for black on white.
This is why eyeballing it fails. Two colours with the same HSL lightness can differ by a factor of three in luminance, and a saturated blue in particular looks much lighter than it measures. Pure blue on white is 8.6:1; pure yellow on white is 1.07:1 and effectively invisible, despite both being fully saturated primaries.
The WCAG contrast ratio thresholds, and which one to care about
4.5:1, AA body text. The one that matters. Most accessibility legislation references WCAG AA, and most of the text on any page is body text, so treat this as the floor rather than the goal.
3:1, AA large text. Applies at 18pt (about 24px) or 14pt bold (about 18.66px) and above. Larger glyphs have thicker strokes, which is why they get a lower bar.
7:1 and 4.5:1, AAA. Worth targeting for anything people read for a long time. Not usually a legal requirement.
3:1, non-text. From WCAG 1.4.11, covering the visible boundary of any control: input outlines, focus rings, toggle states, icons that carry meaning. This one is missed constantly, because designers check their text and forget that a 1.5:1 input border is invisible to a lot of people.
The trap worth naming
Passing large text but failing body text. It happens because designers check the headline, see a pass, and move on. The headline was never the problem: it is big and bold and passes easily. The 15px paragraph in a slightly lighter grey is what someone actually has to read for two minutes, and it is the one that fails.
Check your body colour first. If it passes, your headings almost certainly do too.
Why the preview is there
The numbers are the answer, but a ratio does not tell you whether the result looks right. The preview above renders real text at both sizes in your two colours, so you can see the thing the ratio is describing.
Everything is computed in this tab from the two values you type. No file, no upload, no request.