I'd say do whatever you like to do best. Neither black/white or color is inherently better, and both can work really well.
The main difference I think is that black/white leaves more to the reader's imagination, while color explicitly shows more visual information. In that sense, black/white 'engages' the reader more in a certain way, by forcing them to use their imagination to a greater extent to visualize the world. It's like the difference between books and movies, but not as big.