Absolutely. It can really make a huge difference when working a complicated live show on a digital console with fader banking. I've lost count of the times I've become confused as to what a particular fader is doing on my old Dm1000 console when switching between channel fader banks, Aux sends, and masters... Some colour-coding would make that so much easier!
On the old BBC Type Ds the fader scales changed colour depending on which group or main output they were selected to feed, and that was really helpful in grabbing the right fader as the director was making it up as he went along!
