Would you prefer colorization of B&W films if done well?

If that was ever the case, it would have been down to the printing process. In those days, there was a lab function called Color Timing, which determined the saturation of each primary color. If it was overdone in one print run, it could be corrected in another. But there's a "however" to that.

One of the requirements of using the Technicolor process at the time was the employment of a "Technicolor Consultant," who was an employee of that company. One name that often appeared in credits was that of Natalie Kalmus, ex-wife (but still very much active in the company) of founder Henry Kalmus. By all accounts she was a thorn in the sides of producers, directors, art directors and lab technicians, constantly complaining about just such oversaturation and over-illumination, advocating instead for a more natural look. But studio people wanted what they wanted, so those results may often have been intentional. 

All those creative and technical people are long gone, so when a vintage film is remastered today for HD (or 4K or 8K or however many Ks they have these days), different sensibilities can prevail.