I've given up trying to predict which paint schemes will work best in what kind of water. Bass, bass fishermen, and many bass baits are just too unpredictable. But the classic theory is that translucent baits work better in clear to lightly stained water because you don't want the bass to have TOO good a look at your bait. Some go to the extreme of fishing clear plastic baits that are entirely unpainted.
Bass can hear and they can feel pressure waves so they have more senses than just color vision. You will not run a crankbait near a hungry bass undetected. Your hope is that it gives off enough correct sensory clues that the bass will evaluate it as food. Color is just one of several. As far as depth goes, I think color schemes become less critical as the depth increases and colors begin to get filtered out. Is there a depth at which color doesn't matter at all? I don't know. But 95% of crankbaits are used in water less than 12 ft deep and I'm pretty sure color can still be a factor at that depth.