The potential of creating your own graphic style with color

[driver]

I wonder how large is the potential of creating your own graphic style with massive options for color coded objects and maybe even ground textures in a game, because only a few games like for example RCT2 ever made use of this possibility. I could imagine a mod for factorio creative sandbox gameplay. There was an interesting screenshot slightly going in this direction: http://i.imgur.com/gPNSPfl.png

Are there any disadvantages concerning performance? In my simple mind performance should be better, because you barely need textures and only define the color code of surfaces on objects by a number. Another advantage is that you get less problems with (HD-)resolutions and better looking results if you zoom out compared to graphics which try to be semi-photo-realistic. It's friendly to your eyes, maybe this is one reason why many mobile games for small displays are going for less grainy textures.
I personally believe creating your own graphic style with colors can be great fun and people seem to have really different opinions what colors they like, but graphics would need to be simplified for color coding.
Just two examples of games with a few simple ground textures, which make great use of colors in my opinion:
Hotline miami (1+2), compare it to Half life miami mod, which is rather ugly.
Age of cube AoE2DH https://steamcommunity.com/sharedfiles/ ... =213840781