Total nonsense, there are no studies that link colic to formula feeding. Some newborns have digestive problems with formula; some newborns have digestive problems with breast milk. Formula digestive problems can sometimes be helped by switching to a different formulation, while breast milk digestive problems can sometimes be helped by changing the diet of the breastfeeding parent.
And there are sources of colic that have nothing to do with digestion - a quick perusal of WebMD lists noise/light sensitivity, nervous system misfires, and baby migraines (poor babies)!
Colic certainly might be an indicator that something is not quite right, but that doesn't mean there's always something you can do about it. As I write this with my exhausted newborn son sleeping in my arms, sometimes you just have to wait for them to grow out of it.
EDIT: I looked into this a little more since I'm pinned by a sleepy baby and as with everything with babies it's complicated. Here's a study that shows that formula-fed babies cry more at 2 weeks than breast-fed babies, but less at 6 weeks: https://pubmed.ncbi.nlm.nih.gov/10193923/
This is probably also hindered by the fact that "colic" is an imprecise term - all babies cry, but at a certain point if they cry enough you call it "colic".