I periodically fish one particular river in SW Montana that has a large population of wild trout, and a variety of heavy insect hatches. One of my favorite sections of this river requires a hike of about a mile and a half, and as a result does not get fished as much as other parts of the river.
I often fish 2 or 3 specific pools and riffles there that I know from past experience have many trout in them, and it is not unusual for me to catch 30 or more in several hours of fishing, most of which are often caught on dry flies.
Because I know what flies should work, I mostly fish those patterns, sizes and colors that have worked best for me there in the past, matching the hatch as best as I can, and that normally works.
However, there are times when I have changed the fly colors, keeping everything else the same - same fish, same presentation, same time of day, etc. etc., and had MUCH more success with one colored fly versus another.
I'm not saying that color is the most important ingredient to successful trout fishing, but I am saying that I have often caught more trout on one specific colored fly versus another. Thats's all the proof I need.