Ah, you have much better words for things than I do. I am fascinated by plant biology too but I’m not nearly as in the know for these things.
I would say it’s more like the second option. Their wings can be cut and they bleed. That’s where the greenish tint would be most obvious, though since it’s mixed with the red blood cells it can come across as a more brownish red.
Their bodies do have some kind of system to make sure the chlorophyll at least focuses in the wings, since it can’t really do them much good elsewhere, if I’m making sense. I think the closest examples that I have for creatures that can do both (eat and photosynthesize) are way different from my plant/mammal model here so I had to make up my own lore for them.
And, as can be expected with little fairy folk, there is some magic involved to keep these systems running like they’re supposed to. A particularly sensitive sprite (like Bowman Leafwing and others accomplished in flying) can actually feel how well their wings are taking in energy on a given day.
Hope that makes sense, anon! Again, I’m not as learned in the actual terms for some of the science/magic here.