Very much so! Colors as gender markers are as much constructs as gender itself. For example, in Russia, where trans and gay people face endemic social rejection and state persecution, light blue (Russian has a specific word for that shade) is a gay slur because it marks the feminine. Pink? The notoriously homophobic Vladimir Putin is often seen in a pink sports shirt.

By mandating certain colors or not allowing certain others, we don't smash gender norms, we solidify and entrench them. We're supposed to be reaching for a place where everyone feels free to be who they are, irrespective of gender constructs. Getting rid of pink and blue doesn't help us get there.