Good question, but one that doesn't have a simple answer.
In general, yes, most plants do better with brighter light, and multicolored lights can work well together. However, brighter light must be balanced with CO2 and nutrients in the water. When the three get out of balance, plants tend to struggle and algae tends to move in and take advantage. This is why high-tech tanks with fertilization and CO2 systems tend to have very bright lights. Lower tech tanks usually aren't quite as bright. Knowing more about your setup would help us give you better advice.
It will depend somewhat on what plants you have. Many plants seem to do better with brighter or dimmer light, and others are very adaptable. Also, it looks like your fish don't have many hiding places, and the bright lights might stress them.
My overall recommendation would be to try the bright lights for a week or two. If the fish seem uneasy, or if you notice more algae starting to grow, either dim them down a bit or lower the duration of your light period by a couple hours. Make a change, then wait a week or two before making any other changes. It can take a while to find the right balance.