I wouldn't bet on that. The u in colour is never pronounced, but neither is the o.[1] The spelling color is much more likely to be motivated by that being the Latin spelling of the word.
[1] I watched Star Trek: The Original Series recently and the cast's pronunciation of "sensors" with the FORCE vowel in the second syllable is really jarring. Do we know if that was an affectation or a natural pronunciation?
[1] I watched Star Trek: The Original Series recently and the cast's pronunciation of "sensors" with the FORCE vowel in the second syllable is really jarring. Do we know if that was an affectation or a natural pronunciation?