On SNES, at least, the color differences are quite noticeable IRL. I think macro pixel-pr0n shots are maybe not great for judging color differences.
Image quality-wise, s-video definitely looks closer to RGB than it does to composite, in my experience. Enough so that close up, it’s hard to tell them apart, aside from the slight chroma smearing that happens with s-video. The same color differences you see with composite vs RGB are there, though.
Maybe it’s the RGB -> YIQ/YUV colorspace conversion where the colors lose vibrance…?