Display small color swatches next to the name of each color label in the context menu. It's not easy to remember the difference between Caribbean and Cerulean!
I do not know why this doesn't have more votes. I like to label my clips to differentiate by speaker, but what we need are just the color swatches, not even the names, and, even better, custom text for each color so I know what the colors refer to as reference when coming back to a project.
Yes, this is very urgent. With all due respect, but nobody is able to imagine colors with fancy names like Caribbean or Cerulean. Sample colors in the menu would save users around the globe millions of hours.
Or just use sensible names for them. Not Caribbean, Cerulean and Iris. Because no-one knows that means Dark green. And you could just call it 'Dark green'.
That would let you pick a color and do all kinds of the things you do with labels, like select all from a certain group, at one quick click. It would fit perfectly either to the right of the timeline next to the AU meters or to the left next to the selection tools