Well, "laranja" and "rosa" are just short names for "cor de laranja" and "cor de rosa" (lit. "color of orange" and "color of rose") which are the real colors' names. So in that sense, the answer to your question is yes. When you say "sapatos laranja/rosa" you're actually saying "shoes with the same color as an orange/rose".
(of course, we are aware that not all roses are pink, which means that, ironically, some roses have the "color of a rose" and some not :P)