get_term_meta.
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 );