Colors matter to some extent, but only within the line/brand of batteries. My original 18350's are unprotected, and thay are yellow/orange; my new ones are protected and they are royal blue.
But I'm reasonably certain I saw both unprotected and protected versions of one brand of 18650's that were both red, but they had different patterns of black and white stripes.
If you look at the negative side of a protected battery, you MIGHT be able to see the outline of a little printed circuit card under that bottom 'cover'