XYplorer is a commercial (paid) file manager with extensive capabilities.
A few of them are built in file tagging, color tagging and filtering.
You can assign arbitrary tags to any file or folder, and color code them according to said tags.
You can additional assign color labels to any file or folder if you only desire to color code or highlight a certain filesystem item, without explicitly tagging it with any text based label.
Have in mind that from a technical point of view tags are saved in a separate database file (not directly in the file or folder attributes) and as such are only viewable in XYlorer, not on other applications, nor are they kept if the file is copied or moved to another folder or outside your computer environment.