The option of team colors is there to help us read the match more easily, specially now that players can pick their colors.
However I find the current implementation is too drastic as it only uses 3 colors: Blue (you), yellow (your allies) and red (your enemies). In a pinch is quite hard to understand who you got to help or if you are getting double teamed (are those LB from the English player or the Byzantine player?)
I think Company of Heroes 3 (AoE4 brother) found a better way to implement team colors, specially regarding the enemy team. For example, red, orange, purple and pink are used for the enemy team, so you can still differentiate the players while still allowing for a quick distinction between friend and foe.
Your team colors
Enemy team colors