Better Magento2 data management

At our company, we have a lot of products, almost all have color attribute assigned to them.
As a result of that we have a lot of color options (hundreds).

I was wondering if we can maybe manage this a little better. Should we split this color attribute and use a different one for each product type? As an example of what I mean: running_shoe_color, gym_bag_color, tshirt_color, etc…

Or should we keep it they way it is currently?

Looking for answers from people who already had experience with managing such amount of data.