I’m with jarbear. The scene flows in such a way that I don’t really buy that time is passing that fast despite the jarring color changes, and it seems to skip from dusk straight to dawn. I think it would need to start at night and become dawn (maybe not believably possible) or be broken up by another scene for me to buy it if I saw it a first time. Someone mentioned the Falcon trip from IV, but the start and end of that trip were broken up by the Alderaan scene.
Actually, we already went through the trouble of adding a new establishing shot of the island, so why not use it? So first, we see Rey has wrecked her ship on the island. Luke steps out for his big reveal and says “what are you doing?” Then we cut to a different scene; maybe the Poe and Finn scene moves here, maybe the Palpatine & Pryde scene moves here, idk. Then we cut back to the island with our new island shot and drop in on Luke and Rey’s conversation. At that point we don’t even necessarily need the color changes, or at least they needn’t be so dramatic, as the scene change already tells us time has passed.