It does a lot more than just colours. It has git integrations, a more concise output, built-in tree, grid view, icons (note they're not showing correctly in below output) and much more.
$ ll
drwxrwxr-x - dan 27 Oct 15:12 -I .idea
.rw-rw-r-- 15 dan 9 Sep 11:44 -N .tool-versions
drwxrwxr-x - dan 9 Sep 11:53 -I dist
drwxrwxr-x - dan 23 Sep 18:53 -- docs
.rw-rw-r-- 376 dan 29 Jun 12:26 -I some-project.iml
drwxr-xr-x - dan 10 Sep 12:28 -I node_modules
.rw-rw-r-- 301 dan 21 Oct 13:17 -N override.env
edit: if it wasn't clear, the above output is a subset of the real output.