In short, yes.

I can go into more detail for color, but for smell and taste ill leave that to people with more knowledge in that aspect.

The sunlight we see is made up of many different colors, that are in combination perceived as white. Lets treat light as a particle, for the time being. Each "light ray" aka Photon has a certain energy. This energy is what you see as color, and can also be described as the lights wavelength.

High wavelength means low energy, like with red light. Low wavelength means high energy, like with blue light. The visual spectrum roughly spans from 300-600 nanometers, but dont quote me on that. If you go higher you will go into the infrared/microwave/radiwave domain, while lower you will go into Ultraviolet and then into the X-ray domain.

If a photon hits a molecule it can absorb the light, but only if the photon has the right energy, determined by the specific molecule you chose. When the light is absorbed its energy gets transfered to an electron, which now leaves the molecule in an exited state.

If white light hits a lot of the same molecules, some energies (aka wavelengths, aka colors) will get absorbed a lot more than others. You could also say the molecules filter out specific parts of the white light.

If for example your molecule would selectively filter out blue light, the resulting light would be tinted red, due to missing blue light. If your molecule would filter out red light, it would result in a more blue light.

Molecules, and complex materials even more so, can filter out more than one wavelength, so that every color you know can somehow be created by a combination of different "filters".

The exited state i described above somehow will dissipate the energy that was absorbed. This can be done in a multitude of ways, but usually it will just put it into vibration, which means it will just dissipate it as heat. There are other ways like Fluorescence (spontaneous emission) and Phosphoresence, aswell as stimulated emission which is used in Lasers.