Don't need colour codes for paternal + maternal on ancestry anymore ...matches are automatically assigned to parents 1 & 2 and you only need to assign which is which
This no longer applies to your DNA matches
unless you have an Ancestry subscription (one of many features that I recently lost as I currently don't have an account with them). Even if you do have an account and are able to see paternal and maternal matches they are not always accurate. When I was able to see them I often had to correct them manually then wait for an update. Also, some of my matches were unassigned at that time.
The system that I use and works for me is that the families of each great-grandparents has a colour assigned. Beyond that is a bit trickier. One great-grandfather doesn't have any further subdivisions to show relatives for his father and mother as both families came from a small geographical area and intermarried with other related families. Another great-grandfather has his mother's family, his grandmother's family, his great-grandmother's family and great-great-grandmother's family with their own colours since I have large groups of matches for these families.
One thing that I'm glad I did, just before I lost some features was assigning unknown matches as unknown paternal and unknown maternal whenever possible. At least now I have a better idea of my paternal & maternal matches.