No. Some other animals do that, but I never heard this about butterflies. If you see butterflies in many different colors, that's because you are actually seeing different species of butterflies. There are many thousands of species.
When you compare ladybugs and butterflies, one of the biggest contrasts that you see is size as ladybugs are much smaller. Ladybugs have hard wing covers and butterflies have a greater variety of colors.
They can be all the colours of the rainbow Butterflies come in many different colors. Colors include red, yellow, blue, green orange, purple, black or white. Many butterflies are a combination of different colors. There really are so many different colors that a butterfly can be!
Butterflies can see a larger spectrum of colors than human beings because they have tetrachromatic vision rather than trichromatic vision. Their compound eyes allow them to see multiple images at once. However, they cannot see great detail at a distance.