Colors are a matter of strong opinion, so take absolutely everything with a grain of salt, including what I say. From what I’ve seen, the Disney+ colors are a marked improvement over prior official Star Wars releases, and because of the lack of boosted magentas, there’s also not as much clipping in the red channel, etc. I can’t think of a single example where they’re worse.
Yellows fade away first in some types of 35mm film, then cyans, and magentas hang on longest. That’s why old films are sometimes called “pink faded”. Even low-fade prints still fade a bit over time and can have more pronounced magentas. The famous magenta cast isn’t just a Blu-ray phenomenon, the 1993 VHS and Laserdisc releases had the same issue, and it may in part be because they failed to adequately restore the original colors to the faded sources.
The problem is, that magenta look from the 1993 releases is very nostalgic for a lot of OT fans, so when they restore the OT, they bring that magenta look with it, so it matches the most popular home video releases of the unaltered original trilogy.
This is why I prefer 4k83 1.6. It brings back the yellows, tones down the magenta, and bring everything back to more natural colors. I consider it to be the best reference we have for ROTJ’s theatrical colors, even if, as ChainsawAsh correctly pointed out, it’s a little flat by modern home video standards. It’s better than Disney+, if what you’re looking for is theatrical accuracy.
But 1.4 gives you that nostalgic THX boxed set feel, and it’s more vibrant as well. It really all depends on what you’re looking for.