Yes—at a basic level, the camera body doesn’t care whether you load black-and-white film, color film, or anything else that fits the format. A 4x5 camera simply holds the film plane and lens in alignment, so if the film holder and sheet film are correct for the camera, color film will work.

The main caveat is the lens, especially older ones. Some vintage lenses used glass that can yellow or brown with age, notably certain thorium-containing lenses, including some Kodak Ektar and Aero-Ektar models from the mid-20th century. If a lens has yellowed, it can introduce a color cast when shooting color film. It can also affect tonal rendering even on black-and-white film.

So: yes, you can generally just swap to color sheet film in the holder, but with older lenses it’s worth checking for visible yellowing or discoloration if accurate color is important.