There is an LVGL object to do this. But for ESPHome to to use the color picker object it would need to be added to ESPhome. There are a few LVGL objects that do not exist in the ESPHome world yes. The color picker, graphing object, and canvas (free draw) are not available yet.
LVGL is very new to ESPHome and these other object will probably be integrated at some point.
In the mean time you should be a able to make a bunch of buttons that turn the LED a specific color. Like the favorites button in lovelace