The ripple's radius is the distance from the press point to the farthest corner, so it always covers the whole button no matter where you press. overflow: hidden on the button clips it to the rounded shape, and a small scale(0.97) on :active makes the press feel physical.
The color comes from --ripple-color: bright white on filled buttons, a tint of the brand color on outlined ones. Each ripple removes itself when its animation ends, so rapid clicks don't pile up elements.
Keyboard users get a ripple from the center on Enter or Space. With reduced motion on, the ripple plays faster and the press-in is skipped.