An extreme example:
https://www.cabinetmagazine.org/issues/51/archibald.php
https://www.messynessychic.com/2016/05/05/max-factors-clown-...
Colourising old TV footage can only result in a misrepresentation, because the underlying colour is false to have any kind of usable representation on the medium itself.
And this caricatured example underpins the problem with colourisation: contemporary bias is unavoidable, and can be misleading. Can you take a black and white photo of an African-American woman in the 1930s and accurately colour her skin?
You cannot.