this gets a little bit more detailed. R,G,B LEDs emit a relatively narrow band of wavelengths, so that type of color sensor would correspondingly be sensitive to just those specific wavelengths. The color sensor chip I mentioned uses color filters over a broadband sensor so it is selecting out a much wider portion of the spectrum in the R,G,B regions. For this reason it is more general-purpose, in case you want to detect some color feature that falls between the R,G,B wavelengths emitted by color LEDs. If you have broad spectral features in your color-of-interest, then either one would work.
The other drawback to RGB LED sensors is you have to control the illumination; ambient light will wash out your signal. But if you can do that, then it would work.