peter I do this, but I'm running out of colours, that's why white highlight is sorely missed.
I use yellow for verse, green for chorus, blue for interlude, purple for tags, red for solos etc. (I'm left with pink for highlighting, not a good option.)
This system gives me a tremendous situational awareness. With a glance I see what's coming up, don't need to read [Verse], [Chorus] or whatever.