Hello Ashish,
Color coding does not exist, but what you could do is ensure proper naming convention with your resource groups. This will help differentiate the resources inside these containers and where they belong to.
Use tags to organize your Azure resources and management hierarchy
https://learn.microsoft.com/en-us/azure/azure-resource-manager/management/tag-resources
You could however submit this feedback to the Azure team:
https://feedback.azure.com/d365community
If this is helpful please accept answer.