That sharpener will sharpen colored pencils but not for a long time. It will build up the wax and shavings and eventually clog. I would recommend something stronger (either corded or bigger battery). Life expectancy will depend on the type of colored pencils. Certain colored pencils contain less wax and will not clog as badly. They are found in a variety of sharpeners own website.
iPoint Halo Battery Pencil Sharpener #16804
iPoint Orbit Battery Pencil Sharpener #16059
iPoint Halo Electric Pencil Sharpener #16803
iPoint Halo Electric Pencil Sharpener #16244