It won’t work as you envision because this device is an older Z wave device sending a specific set of Z wave “scene” commands directly to another Z wave device which is capable of understanding those commands.
There Are a couple of brands of RGBW Z Wave bulbs, but they all use the “color switch” command set which is not supported by the Cooper device.
So good idea, but not one that you can implement with this particular device.
If you want a multibutton device for different color scenes, the battery powered remotec 90 is popular. It sends a message to the smart things hub which then sends a message to the bulbs, so the bulbs can be zwave, zigbee, Wi-Fi, or a mix.
There are some other multi button devices that also work in the same way and would be worth considering:
But any device which communicates directly to another Z wave device is unlikely to give you color control even of a Z wave RGBW bulb.