I think so. My kids definitely remember special things like that from when they were younger.
Not fancy colored themes, but Y"T themes - yes.
It definitely made things exciting for them.
I have my kids choose something special that I cook/bake for yom tov. So each child chooses something they want me to make. One child loves potato knishes, another loves mousse for dessert. And my kids love to help me make the thing they chose. Once we did smiley face cupcakes. It's something they don't usually have and it helps make it more special for them.