This is most useful when using lld-link on a non-Win host (but it might become useful on Windows too if lld also grows a fansi-escape-codes flag).
Also make the help for --color-diagnostic mention the valid values in ELF and wasm, and print the flag name with two dashes in diags, since the one-dash form is seen as a list of many one-letter flags in some contexts.
nit: no else after return.