“Can a color or an item mentioned in Scripture have more than one meaning?”
A color or an item used in Scripture can carry more than one meaning. For example, leaven is often used to symbolize sin in Scripture. The Lord Jesus Christ warned His disciples in Matthew 16:6, “Take heed and beware of the leaven of the Pharisees and of the Sadducees.” The Apostle Paul also used leaven to symbolize sin. In 1 Corinthians 5:8 he wrote, “Therefore let us keep the feast, not with old leaven, neither with the leaven of…wickedness; but with the unleavened bread of sincerity and truth.” However, leaven can also represent growth. This is how the Lord Jesus used it when describing the growth of the Millennial Kingdom in Luke 13:21-22.
The same principle is applied to the color white. It is true that white often symbolizes righteousness and purity. In the Book of Isaiah, we read, “…though your sins be as scarlet, they shall be as white as snow” (1:18), but the color white is also used to show the deceitfulness of the Antichrist (2 Thes. 2:9-10). It will appear to the unbelieving world that the man of sin will bring righteousness and peace when he comes on a white horse and conquers with a bow but no arrows—meaning peaceably (Dan. 9:27; 11:21,24; 1 Thes. 5:3; Rev. 6:1-2). Remember, Satan knows Scripture, and the Antichrist is imitating the Lord Jesus Christ Who will return in judgment on a white horse, but He will rule in TRUE righteousness and peace (Isa. 9:6; Rev. 19:11-21).