"Replace color" effect performance on Android

In my game everything is made around 4 colors (red, green, blue and yellow).

I can make a different animation for every color, for each object which is able to chage color. This is not effective, especially when I have to change ~20 frames in every object's animation (like this). I also can change color by using "Replace color" effect. It's way more easier, but how badly it affects my game's performance? When it's all started, I was told that I should avoid using any WebGL effects while making smartphone games because of their effect on the performance. What is the best for me in this case?

You should avoid most WebGL effects, but some work just fine with minimal performance impact. I had a small list that work well in a post I made awhile back, but there's no real list stickied.

You just have to test on your device and see how the performance is impacted. Check the cpu usage with and without then compare it.