Maybe this works sometimes but I know I just tried it on a couple colors now - Blue and White and could not get it to work.
So yes if you go into Settings - Colors - you can add the same color twice.
Lets say I’m using White.
I add White and name it - Cat
I add White again and name it - Dog
That part works
But when I go into Settings - Item Types - Add - Change the default color to Dog it will not let you and default to Cat because Cat was entered first.
The reason I’m wanting to be able to do this is because I have lots of items and it gets confusing at times when using just the color name, it is much easier naming the color the same as the object or event.