Also, if part of a number gets rubbed off, there may be no way of knowing the value without measuring it. If part of a colour stripe gets rubbed off, you can still read the value.
In just a small space, the color code not only provides the value, but also the tolerance. In fact, these days, the color code has been replaced by printed values on SMT devices. And all you have to do is sort a few hundred of those to realize how much nicer the color code is, especially when a value such as 201 flips upside down to 102 when the character shapes are difficult to discern!