Yes, actually, although generally speaking it's not widely enforced. Generally you won't get caught as long as the color on the registration matches the factory color in the VIN database, but you are supposed to ensure the vehicle description is accurate when you renew your registration and providing false information is a criminal offense, so if the color changes, you should update your vehicle registration.
Family member of mine actually got in trouble because the dealership typed the wrong color into the registration paperwork. The color on the registration didn't match the actual color of the car therefore it was considered illegally registered and the car was impounded during a routine traffic stop.