Green in particular from my knowledge is for viewing and not function, but I am no expert. From all that I have read(which is quite a bit), but not so picky on sources tell me this...Blue, White, Red, and purple have effects on livestock the most. Also, light diffusion from fixtures changes how they look. I personally like the "disco effect", but too much is well too much. It also matters what creatures you wish to have. However, back to the question. I truly believe after seeing many tanks, color matters to both visual and overall growth and health of those that use it.
No scientific proof on this, but all life requires different parameters and the nature vs. nurture comes in play on the overall health of any living thing. Not all life reacts the same way in the same current conditions.