Most likely. It works because the cones in your retina get tired after awhile of receiving the same wavelength. It's why when you look at something bright for a bit and then look away you can still see a bit of "burn in" left over. Once it goes back to black and white your cones are tired and keep sending roughly the same signal to your brain, hence the perception of color on the B&W image. If you're able to hold your focus after it goes back to B&W, you'll slowly notice the color fades away back to black and white as your cones recover.