Not in yearbooks. You had to pay extra.
We won the homecoming float competition (each class competed for a cash prize) and then voted as a senior class on what to spend the money on. The two finalists: color photos for the senior pages in the yearbook OR beer koozies that said "Class of 1991".
Shockingly, the senior class sponsor would not allow us to get the koozies ("they're for sodas!" was not a compelling argument) so we ended up with 10 pages of the senior yearbook in color.