They certainly help one to feel more connected to the subjects. I was born in the 60s and the quality of the color reminds me of photos from when I was a baby/toddler. B&W photos, while certainly beautiful, can sometimes make subjects feel distant. Those men in the photos look like the men in family photos from the 60s.
I tell my sons that to get a sense of of their own connections to the past think about what the world was like just 100 years and 50 years before their birth. Then imagine themselves as 50 years old and realize that the period of their birth would feel as distant to their own kids.
My kids were born in 2000 and 2001, so as we approach the 100th anniversary of WWI they're 14 and 13 respectively. The last WWI veteran who served in combat just died in 2009. Which means even my kids could have shaken the hand of men from that photo had one of them lived that long.
100 years before my birth was the end of the American civil war and 50 years before was WWI. I met my wife's great aunt who was the daughter of an ACW veteran and we have a friend whose great grandfather was a slave. It's not distant history.
Just 86 years before the birth of my kids WWI started. And 50 years before their births we had not yet sent a person into orbit and the world for most people was still largely analog. I work in tech and my kids love computers but I hope they never lose the wonder of the past.