If you are seriously interested in understanding why things are colored, there is a book called The Physics and Chemistry of Color: The Fifteen Causes of Color, by Kurt Nassau. It should be available in any good library, and Internet Archive has it as well. The main theme is that there are 15 separate color causes. In your case, there are a couple of very common misconceptions due to web searches.
The complementary color is a very crude estimate of the reason behind the apparent color of solutions and even gases. In my opinion, this should never be applied to proper chemistry.
Once a molecular species absorbs light of a certain frequency, the electrons relax to the ground state but without emitting light. Perhaps a physicist can explain the exact mechanism of those radiationless transitions. Most of the absorbed energy of light is released as heat. Certain molecules do not do that, instead they emit light of a longer wavelength. This is called fluorescence (like your highlighter marker ink).
What you are describing happens only in extremely rare cases for example in hot gas phase atoms. For example, you have vapor of sodium atoms in a flame, and you shine 589 nm at the sodium vapor, the atoms absorb 589 nm and re-emit 589 nm. The is called resonance fluorescence.
Finally,
where saturation occurs, that is, all the possible electrons have gone
to the excited state,
Now you are talking about lasing phenomenon (of lasers), which is another world to explore.
One can now see how complex the scenario is. This is why the suggested book is > 500 pages.