Since E9x BMW often releases a popular “signature” color for the top non-M / M Performance cars and does not let that color be used by the M car for a period of time or indefinitely. See - LeMans Blue (E9x), Estoril Blue II (F3x), Thundernight, etc.
The M car gets its own launch color or two. The M car color choices are always more controversial.
I currently have an M2 Competition. I would say that it depends what you are looking for. The M2 is really capable but the engine, even S55 in the comp, is less special than S54. Now, it is clearly faster than the E46 M3, but I am not sure it’s more fun exactly. It’s a more modern car for better and worse.