I have never heard the term, 'color-conscious casting' before, but it certainly applies in some situations. Hamilton, obviously, is the most prominent example of such a show. Most of the lead parts are designated for POCs, with the exception - usually - of King George.
But I have seen many shows that are colorblind even if there is a desire for a diverse cast. To me, such shows offer opportunities for POCs to play traditionally white roles if they suit the part. That seems like a good thing. I don't know how next year's Carousel revival will fare commercially or artistically, but I know that Joshua Henry has the acting and singing chops for the part.
Great Comet is more of a colorblind show, although it prides itself on diversity. I don't think Natasha is necessarily meant to be played by a POC, even though both Natashas have been, on and off Broadway. But it's Broadway, and the show is not a big enough draw to survive without star power, hence the current mess in which there are no winners.
Still, I like colorblind casting, and I hope the unique circumstances of Great Comet's problems won't discourage it in the future. I fear it might, not at the Oregon Shakespeare Festival but on Broadway.