Hello,
let's explain this step by step :
1. When you create a Characteristic like color, the purpose is to add it to a product, this will generate Variants or sub-products.
2. When you create variant, each of its are editable with his own settings, and so it's possible to define to each variant his own price, and image exactly as the main product.
=> From this, if you create a characteristics that in his value combines the color and the dimensions, you can exactly reproduce your concrete example shown in your Url link.
Note, that this means that you have to create for each variant a value, whereas if you had the colors on one side and the dimensions on the other you just have to cross the configurations, which would be faster but actually force these two parameters to be entered separately on the frontend, through 2 dropdowns by example.
Hope this will help you in your reflections.
Regards