Two answers for this.
Up until now, no. It hasn't had any use in the slightest in the fights against Chinjao, Doflamingo or Katakuri. It's effectively been a special effect.
In the future, it should ge a second level of usage, like the other colours. With CoC becoming a dime a dozen, that'll be the more unique thing about it, and very, very few characters will have it out of the CoC users. That second use should be useful in some way and justify the CoC hype.