I think it would make browsing easier.
I'm mildly dyslexic so I sometimes miss those statuses at the end of the questions..
Theoretically, yes, this is possible. Practically speaking, it isn't something that we are likely to do because:
There tends to at least be a vocal minority whenever we change anything on the site who complain. That's why doing awesome things like making question navigation easier take a whole bunch of iterations and still get downvotes despite us trying to minimize the impact on people who hate us moving the cheese.
So while you personally may love the idea of having closed/on hold questions change color on the front page, other people won't like it so much. When we started greying out low scoring questions, there was a non-insignificant amount of people who had trouble reading the lighter color to the point that we made the color change back on mouseover.
If you write a simple browser script, you can make closed/on-hold questions look any way you'd like. Anything that has the words [on hold] or [closed] that isn't on a child meta site (where people sometimes use those in titles) could be colored mauve if that's your thing.
That way rather than expecting everyone to deal with the preference of one user, users who are bothered can fix it for themselves in 95% of cases (we realize that people browse on multiple devices, etc.).
And if enough people start using the userscript, we may just implement it because we can see that it may not just be a matter of taste but usability for a large segment of our users.
This was a long way of saying "sorry, not this time", but hopefully helps explain how we tend to go about things like this.
Building on what jmac said, there are also many user scripts in Stack Apps which could be easily modified by someone so they don't have to write from scratch. I have one that makes the badges in the navigation clickable to take you right to the badges page in the user profile, so that could be easily modified to instead loop through question titles, read [closed]|[on hold] and apply new CSS styles.
Jeff Atwood once said the team doesn't like to implement user preferences and instead use "sane defaults", which keeps the Stack Exchange codebase and UI much simpler, so in addition to jmac's points, relying on a user script helps keep core Stack Exchange more stable and usable.
If you're looking at getting started writing user scripts, this could be a good exercise to get started.
Users are used to seeing two different link colors on a site: unvisited and visited links. We all know what those mean, so once we learn what the styling of any given site has done with those colors, we can use that signal and browse normally.
This change would introduce two more link colors, which would be pretty confusing. (I realize you only asked for one color, but you can't break the visited/unvisited distinction in the process of doing this.)
You might do better to ask that the "on hold" (or "closed") notification be moved to the beginning of the title for easier scanning, though I don't know if that would fly either. We don't want people to systematically ignore these questions, after all; some might have been edited and have pending reopen votes, and some might have been closed in error and should be given a glance. And in some cases you yourself might be able to contribute the edit that fixes the problem and gets the question back on track.