Yes, it does. Those two statements have different meanings. Here are two examples:
Do you like this vase?
Well, I like the shape and the pattern, but I don't like the yellow colour.
as opposed to
What are your pet hates?
Hmm, what I hate most in the world are ..... broccoli, the sound of chalk on a blackboard, and the colour yellow.
The colour yellow?
Yeah, I just can't stand it. It's the one colour I never wear.