This is an interesting conversation! I've long held that it goes both ways - if you put a color picture in black and white, it changes everything about it. In many 19th century photos, the colorization - particularly as done today - brings life and activity to an otherwise stern-faced subject. There is a certain art form to hand colorization. I have a couple excellent hand tinted redwoods photos that are extraordinary.
Ansel Adams is a favorite of mine for his striking use of black and white in nature photography. There is a sort of 'color tiredness' that is in nature - it's predominately green! The black and white technique brings out unusual details, even living details like bugs and birds, that would otherwise be missed. There was, several years ago, quite a to-do in Hollywood about colorizing old black and white films. Does Stage Coach need to be colorized? Does it take away from the drama or add? I think it's interesting to have both, but my vote would go to the original black and white. TV - Bonanza was the first western (or any show) to be filmed totally in color. Rawhide was never filmed in color. Gunsmoke was filmed in both. All were westerns and therefore limited in scope by genre but did the colors or lack thereof make a difference, too? Rawhide was a sort of western meets film noir - colorization would take away a good deal of the uniqueness. Would Little Joe's pants be lavender and Matt Dillon's shirt pink? Did it make a difference? It did.
There's also not always an accuracy in colorizing old photos. For instance, the Civil War was full of blue eyes. I've never seen so many people with brilliant blue eyes! However, it seems to be mostly one shade of blue. There's a large variety. Forrest, for instance, had a very rare shade - silver. This was remarked upon by several contemporaries, who found it most striking - in turn, that gave him a commanding look. Robert E Lee had dark brown eyes which color was also rare in the day - his odd eye color smoldered when he was angry or ready to fight and that helped his command presence. In short, for this paragraph, how can one be sure the colorization technique as described above - very intriguing, too - will be accurate?