No real need for any add on's in my opinion. Windows already has a Customize button to change folder icons to anything one wishes. Also https://www.carifred.com/quick_any2ico/ allows you to create specialized icons on-the-fly (Select 512x512 for best size) from .jpg/.png/even .exe files and transform folder's icon like a breeze.
FolderIco is not only colours, and available within a tip in the context menu, while windows need some more steps. although the result is same (desktop.ini). at least you pay for the icons. anyway, it seems that Folderico has or had issues since KB5018410, resolved with Code: HKEY_LOCAL_MACHINE\Software\Policies\Microsoft\Windows\Explorer EnableShellShortcutIconRemotePath set to 1 but i am not sure if this opens new security flaws.