Snow White belongs to Disney, they can make her Snow Purple if they wish.
Snow Rainbow would be closer to the effort.
Actually it doesn't 'belong' to disney. That story has long been in the public domain. Anyone could make a movie and call it 'Snow White', and Disney wouldn't have a leg to stand on for criticizing them doing so.
It’s a 19th Century Germanic fairy tale collected by the Brother Grimm.
So... sure. Color doesn’t matter... but it’s still Cultural Appropriation and “color washing” the White people out of it. Unless of course they need a villain... in which case they leave the Caucasian in.