I don't think so ;p
In polish when sth is colorful it means that it is exciting, interesting, peculiar and not boring or scaring (if it's about dreams)
But we say that word in that meaning only in a phrase "kolorowych snów"
it's just a linking word I think
kolorowy can be linked with 'misiu' for example (like in misiu kolorowy), generally speaking it should be perceived like above: 'colorful' would mean the same as 'playful' etc. In Polish it can have also mild homosexual connotations.