Yeah each colour is for sure more likely to get a certain result. I popped 5 yellow balloons last night, and they all had a varying degree of bells. Same with blue for mats and green for furniture/clothing. Didnt get a lot of reds last night.
The feng shui thing maybe! My main room has yellow furniture and I got a lot of yellow balloons. My last island was super heavy on the red side of the room and I definitely got more DIY in general.
I think the exceptions for me have been the cherry blossom DIY which have been in any colour except bunny day ones.
It's not guaranteed that you'll get these items in a certain color, it just has an increased chance. Like yellow balloons have an increased chance of having bells in them but you aren't guaranteed that. You can still get furniture or a DIY out of them but it's more rare than if you popped a red balloon which has a higher chance of recipes. I'm mostly getting blue and yellow balloons, but all my furniture in my main room is pink so I'm not convinced on the feng shui idea.