The built-in color property for Sprites is basically a tint effect. It won't replace the image colors with the color you give it - instead it tints the existing colors with the color you give it (to be specific, it's a color multiply effect).
I see thanks for the Clarification, I assumed that the "Set Color" Action replaces the image colours, good to know.
If you really do want to replace all the image colors with another color, the 'Set color' effect can do that.
Cool thanks, I was looking for replacing the image colours so that will help, though I was looking for something that just replaces the color once to avoid effects to save on performance I will test it out and see. I try to avoid the effects as I just recently was testing the "BlackWhite" effect and the Old phones like iPhone7 it was dropping FPS to 50 just by dragging one object not sure why, I thought that was extreme and maybe a bug as it happens only on iPhone7.
Will be cool to have something to read about how the effects work internally to have a general idea of how will impact the performance, example if I apply the "Set Color" effect will it be setting the colour every tick? or it just replaces the colour once and doesn't have to do any extra work after that which the performance impact will be minimal. Those kinds of info will be nice to know to make a proper choice of the Effect best suited for the job.
Thanks a lot for the info.