The configurable products are indexed as a single record out of the box. All its variants (like colors) are indexed as an array of values within the record. Like `color: [red, blue, green]`. So it’s possible to filter based on color.
At the same time, you can turn on `Replace default image by matching variation` setting (in Products tab in Algolia configuration on Magento
This means that when a user searches for “blue tshirt” or refines “blue” (or any other color) in filters, the record will be displayed with a matching image.
But the price will be displayed as range - lowest - highest, not a specific price for the color.