As of right now I do not know of a way to automatically color-label cuts. I suspect it's not a feature because people have different associations with different colors. I know I have meanings to my color-coding that nobody else does!
Maybe a universal color-coding key would be useful! You can submit feature ideas here: https://adobe-video.uservoice.com/forums/911233-premiere-pro
Our engineers check that page regularly for ideas on what users want and need! Feel free to suggest many different ideas; we really appreciate the feedback!
Thank you so much for your response. However, I was thinking of something slightly different. You can see in the jpg I attached that it has two sections. You can see the individual cameras source sequence, and one separate audio in the top section. Below that, you can see the multi-camera sequence. I had to add labels to both sections manually. What I was hoping for was that the change I made to the area where you can see the source video and audio files on the timeline, would automatically appear in the multi-camera sequence after I selected the cut. So, I was hoping that as I made a cut, it would know that I chose camera 1, and automatically could mark that one cut with the color I had added to the source video and audio files sequence. What happens is that each cut in the multi-camera sequence stays green by default, unless I go in and manually label them.
Thanks for the tip on Hot Ideas section of the forum. I will resubmit this post there.
Oh, I see what you mean! Wow, that's an even better idea than the one I THOUGHT you were suggesting! Hilarious.
Please do submit it and post it back here so I can upvote it as well!