The backlight is what probably consumes most of the power, AFAIK color displays wouldn't properly work otherwise
Re:13.3" full color ePaper display
by BlueTemplar on Thursday January 09, 2020 @06:58AM
(#22000453)
Transflective LCDs only require a backlight in lo light conditions. They have color versions as well (Game Boy Color, Pebble Time...)
While LCDs still consume power just to display a picture, it can go very low : see how watches can run for a decade on a single tiny battery ! (I'm not even sure that e-ink would necessarily be an improvement there, considering that you'll want a watch to refresh a part of the screen at least once a minute...)