I have already talked to Crosire about this feature and he asked me to create a thread so he can remember later on. If anyone else has additional suggestions please do not hesitate to reply.
As the name suggests, it is depth visualization in chroma space instead of luma. As far as I know chroma space has wider selection compared to luma, which might allow better depth visualization. Also check out this post, it shows luma visualization's limitations.
I think something like this would be enough (with gradients): Red: Near Green: In between Blue: Far
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