It doesn’t I’ve tried. It’s a small difference big difference kind of thing, in the way that the time adds up. It’s quicker to use alt-modifier to sample colours you have already used which cues the colour and keeps it as the selected colour you then keep using.
There is no colour cue with the new panel. you have to keep re selecting the colour, and then you are also selecting events. With colour tool, you can sample a colour, range select events with the cursor, and change the colour all in one brief stroke all just using the colour tool.
It’s all about the alt modifier colour sampling for me.
I’ve given better descriptions in the links above.
Also need the colour titles back. Expanded view with colour titles, and condensed view with no titles.