Were these pinned out to use separate supplies for each color, you could reduce power that way, as well -- by supplying individual switcher-based supply rails for each of R, G, and B. Dissipation can be significantly reduced by customizing their rails. But that's not an option with this device. The 1/8 muxing means that, broadly speaking, the apparent brightness will max out at the equivalent of 7.5 mA. Probably a factor of 2 or more, visually. You have to decide if that's okay. No one else can make that decision for you. These are the kinds of tradeoffs engineers make all day long.
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