Plugin Name

No or maybe yes. You can use the plugin as it is, just to differentiate terms by color. However, if you want to display the colors on the front-end, you may need to use the CSS class, that is something like .ztc-term-label-{ID}, or directly get_term_meta to retrieve the meta value.

The easiest way is to use the built-in function that comes with this plugin: ztc_colored_labels( $taxonomy, $post_id = false, $links = false, $limit = false );