I do, all the time, and find them very useful.
I don’t bother renaming the colours, but use them with Hazel rules, when files are being processed, i.e. drop a PDF in my download folder, a Hazel rule will tag any new PDF as orange, it also then OCR’s any found orange PDF’s and then change to green when completed, then and green PDF’s are automatically moved to my PDF folder.
I use a basic Green=Good, Orange=Needs Attention, Red=Corrupt plan, with the other colours used for Temp, In progress, Project etc.
Paul.