Order Statuses are the custom statuses set up in your commerce settings. They are not the standard 'status' found on elements, but custom statuses an order can go through after a user completes a cart.
OrderStatusModels have the following attributes and methods:
The status id.
The name of the order status.
The handle of the order status.
The name of the color of the order status
Returns true or false depending on if this status is the default applied to new orders.