How to Photoshop Black & White Movies to Colour

In the 1980s I saw a news documentary on TV that in America they had developed a technology to convert old Black & White movies into colour using computers. With computer technology, American studios had devised a way of adding colour to the old B&W films by digitally tinting single objects in each frame of the film until it was fully colourized; although Photoshop was not even known at that time, this technique was a kind of photoshopping every frame of the old black & white movies individually frame by frame. But this program was abandoned by the same American studios because at that time, in the 1980s, it cost US$ 3000.00 per celluloid frame to do it. But I am sure in today's digital world it can be done much cheaper.

All I want to ask Adobe is, isn't there a way to use Artificial Intelligence in Photoshop and LightRoom to change all the similar black and white frames in a scene of a film to colour in one go rather than doing it frame by frame individually?

If there is no facility for that, can't Adobe create a plug-in for it or create a separate software app to convert old black-and-white movies into colour?

Can't a similar thing be done to damage frames of colour films to restore them?