I've tested the latest version with 1.16.4 and you may see an error on server startup notifying you the library that the plugin uses hasn't been tested on this version and the plugin may not function. You may also see some warning messages in the console saying "Method null not loaded!" such as when using /color. Both these messages are being sent because of the NMS changes Mojang made in the new version.
However, the plugin still enables and features continue to work as intended, minus the console messages. If you don't mind these messages in the console, feel free to use UltraColor on 1.16.4, otherwise, please remain on 1.16.3, until I give another update on when UltraColor is fully stable to be on 1.16.4. If you have questions, feel free to ask in the discussion section, or on the GitHub page, or private PM me on Spigot! Thanks for 50 downloads and I hope all of you are doing well!