Yes. Insects can see colour and light and are attracted to colours as humans do. It is empirically proven that butterflies and bees do see colour and light.
Insects are attracted to flowers by their colour and smell since about 100 million years ago. If they couldn't see their colours, there would be no pollination, no fruits no vegetables no cereals.
This question has Physical, biological, philosophical, and linguistic dimensions that should be addressed together, at least superficially, to get at the heart of the problem.
What's 'out there' is electromagnetic radiation with variable wavelength. The portion that is visible to humans (wavelengths of ca. 400-700 nm) is called 'light', and along this wavelength we label the visual qualia, or mental impressions, 'hues.' Many people use 'color' and 'hue' as synonyms, but 'color' involves two other variables, 'saturation' (the 'strength' of 'hue' in a 'color') and luminosity (the intensity of the 'light,' on a scale from black to white).
Thus 'colors' are mental phenomena produced in the minds of humans by the interaction of their biological systems with the environment. Our technical vocabulary for talking about color may be more or less useful for talking about our near relatives (primates), although there are differences even here, especially in New World monkeys, not to mention variation within our own species.
The farther you get from humans on the tree of life, the less adequate our terminology for visual experience becomes. For creatures as remote from us as insects, I think that new terms would be required, as the use of our qualitative labels, originally used to describe our own experience, would just cloud the issue. Bugs' bodies are so very different from ours, so their sensorial experiences must be correspondingly remote. Here eye anatomy will be relevant, but also the rest of body morphology, considering as well the nature of each animal's habitat and the interactions of the organism with its environment.
Hi, all. Here is an interesting article that relates to my post of a month ago:
Pinna, Baingio; Porcheddu, Daniele; Deiana, Katia
2018 “Illusion and illusoriness of color and coloration”, en Journal of Imaging (Multidisciplinary Digital Publishing Institute), vol. 4, no. 2, article 30 (www.mdpi.com/2313-433X/4/2/30, accessed: 17 February 2018).