Yes, achiote and annatto are the same. As the link below explains the method to produce a food colorant. Bixin obtained from Bixa orellana L. (annatto) is the most important natural food grade colorant next to saffron. Next time you buy cheese for example look at the ingredient list and you'll find annatto for color. Because the seeds are high in tocotrienol the children's drink contained tocotrienol although not at the concentration extraction would provide.
https://latinamommeals.com/how-to-make-achiote-oil/