+1 for qpcard.
And no, it is not subjective. It is a science. And it was a scientist from my home town that devised the Kelvin Scale.
We could say, yeah, it's subjective. We could say that yeah, I like the way sodium renders everything orange and I don't want to know how to fix it. We could say that. But as you asked the question, it's not very helpful.
I take WB seriously because I do video, and in video, more often than in stills you need to mix and match different types of light, you can rarely rely on presets because flourescent tubes are all different, a tungsten light thats been on for 30seconds is different from a tungsten light thats been on for half an hour, because sunlight at 11am is different from sunlight at 1pm or 4pm...
I might have a flouro softbox for fill, a tungsten red for set, and it may be beyond my control that there is also a skylight over the location.
So I will get up on the step ladders and tape some Lee CTO to the glass. I will draw the side curtains. I will put an FLO gel over the softlight. This is because my producer, my client will not like 'subjective' results, the colourist will not like subjective results. The camera will not like subjective results. The viewer will not like subjective results.
So I take colour temperature a bit more seriously than most.
It is not an effect.
Old adage. Camera 101 time. Get it right in the camera and add the effect in post.
I'm not wishing to patronise the OP, as they asked a worthwhile question in earnest, but I'll happily correct cr@p like 'it's subjective'.
Some (hopefully useful basics)
The camera has not a clue what colour of light the subject is under. A single colour subject with no reference will confuse a camera set to AWB.
So an Orange will usually come out wrong. The sea will usually come out wrong.
So you tell the camera what colour temperature of the ambient light is.
You can do this A using the kelvin scale (if your camera supports this, and your confident how many Kelvins match candlelight, shade, sun at midday)
You can do this B using the cameras WB set function (shamefully clumsy on canons, no excuse for it in these days of live view, should be as easy as video manual WB) find a neutral white or grey subject under the same light as your subject (bleached copier paper is usually fine, a paving slab or even magnolia painted wall is close enough) For deliberately filtered light, say at a rock concert, then the next step may work better...
Or you can C choose a close preset. This way a deliberately red light appears red as intended...
YOU SHOULD DO ONE OF THESE STEPS WHETHER YOU SHOOT IN RAW OR JPEG. RAW CAN CORRECT SO MUCH. GETTING IT RIGHT IN THE FILE MAKES IT EASIER TO RECOVER.
By all means tweak it in post, to your subjective tastes. But do try to get it right in camera, or at least close.
Like Mikael I use the QP card, particularly on two / multi camera shoots. I will filter match my lights and any other light sources, then set up manual WB with a grey card, and then record a test clip with greyscale QP card in vision.
This is probably too much for most, but it is worth reading up a little on colour temperature just so as to understand better what will help your camera and help your images.
At the sensor stage it should be anything but subjective. Get it right at the camera and you can grade and tweak away. Get it subjectively wrong at the camera and you may find that it can never quite be recovered.