Multiphoton resonant excitation and frustrated tunneling ionization, manifesting the photonic and optical nature of the driving light via direct excitation and electron recapture, respectively, are complementary mechanisms to access Rydberg state excitation (RSE) of atoms and molecules in an intense laser field. However, clear identification and manipulation of their individual contributions in the light-induced RSE process remain experimentally challenging. Here, we bridge this gap by exploring the dissociative and nondissociative RSE of H₂ molecules using bicircular two-color laser pulses. Depending on the relative field strength and polarization helicity of the two colors, the RSE probability can be boosted by more than one order of magnitude by exploiting the laser waveform-dependent field effect. The role of the photon effect is readily strengthened with increasing relative strength of the second-harmonic field of the two colors regardless of the polarization helicity. As compared to the nondissociative RSE forming H2 ^* , the field effect in producing the dissociative RSE channel of ( H ⁺ , H ^* ) is moderately suppressed, which is primarily accessed via a three-step sequential process separated by molecular bond stretching. Our work paves the way toward a comprehensive understanding of the interplay of the underlying field and photon effects in the strong-field RSE process, as well as facilitating the generation of Rydberg states optimized with tailored characteristics.