>I don't think it really means anything other than "color"

I am not a native English speaker, but isn't "color" more ambiguous than "colorway"? If I say "The red color is gorgeous", I could or could not be talking about a product. If I say "The red colorway is gorgeous", I am definitely talking about the color of a product.

That's a good point. Saying you like the red "colorway" would make it clear that you're talking about the overall presentation, rather than commenting only on the red part of the overall product.

"The red one is gorgeous" would be the idiomatic way of saying that. Adding the word "colour" is redundant.

"Colourway" is just marketing-speak that is not common outside of tech reviewers.