For the most part (in fact almost 100%) the lights we put on aquariums are for our benefit only (not including corals, plants, etc.). Too bright/harsh of light can definitely stress fish and/or cause their colors to wash out. Some fish are very sensitive to this and too much light can cause health issues (again, usually from stress).
In most cases the light won't matter. As far as I know (and from a science standpoint) I don't see why light would effect the development of color. Instead, certain colors of light help the fishes' colors stand out better.
The biggest factors when it comes to fish showing their best colors are genetics, diet, and health (of the fish and the system: water quality, "clean" filters, parasites, etc.)