In the old days, lenses were called "color" lenses because they were achromatic. The earliest lenses were not, and would cause terrible color fringing with color film. In the old days, the lenses were used with filters to remove most of the spectrum to maintain sharp images on black-and-white film.
When lens design progressed to the point where the visible colors all focused at one plane, they became useful for emerging color films, and the word "color" was often included in the name to emphasize this new feature.
None of this is relevant to the single-element plastic lens in the camera shown above, of course, but when Voigtlander used the term "Color Skopar" back in the day, it meant something.
Oh, and those disk-camera lenses were actually quite sophisticated considering the price point of the cameras. The main limitation of those cameras was the tiny format.
Rick "thinking no junque camera collection is complete without a Holga" Denney