Action, speed, size, and color all can matter. Most of the time color is the least dominant factor, but not always. Some times the bass are keying in on only one factor, such as speed. Any thing you throw gets hit as long as it is fished, fast. Other times its action, only a wide wobble will get hit. Size can be critical, other times not. Sometimes they are keying in on more than one factor. Fast tight vibrating is what they want. Then their are times when you need to match all factors even color. Other times as long as they can fit it in their mouth they will hit. Those are the times that great stories are made of. Also their are rare times when color is the only thing they are interested in. Anything orange will get crushed, but something black wont get a look. If red on a crawfish makes it easier for the bass to find a crawfish, then he may get tunnel vision and only look for that color to find his prey. Anything red will get hit even if it doesn't look or act like a craw. Most of the time a certain movement is what helps a bass capture their prey but that is not always the case.
If I'm looking for deer with binoculars in open country, I will be concentrating on size and movement. In thick cover I may be concentrating on finding the small white patch on their neck or the shine of an antler. A bass is a predator just like any other. They use all of their senses to the maximum advantage to locate a kill their prey. Color vision may not be used as often as other senses, but it will be used. If not they wouldn't have the ability to see color.
If you hold a Jitterbug straight above you head all you will see is the bottom white. If you hold it above your head at an angle, you will see the bottom and the sides, at a slight angle you can almost see the whole thing. Try it. Not that I think it makes a difference, because I don't, but I always hear a bass can only see the bottom of a top water and that is not true.
I don't think an exact color match is important. A rainbow trout colored lure is green on the back grey on the sides, and white on the bottom. That is the same color as many bait fish. Just because it has a red stripe probably wont make any difference to a bass. Try to throw an all pink lure when they are looking for a natural colored one, and you might have a problem.