In principle, yes. But if Emacs runs on the default visual, it uses the
default colormap, otherwise, it creates its own. It would not be nice
by an application to change the default colormap or one created by Emacs.
It can happen, but I consider that a bug in the application that does
such a thing.
My "default" colormap has never behaved in that way. It just contains
whichever colors have been requested by applications, i.e. it is changed
by applications like ExMH, Netscape, Emacs, ...
As someone whose colormap is full about 95% of the time, I can
assure you that tose things happen ;-)
What should happen is that when the colormap is full, a new one is
created and then the window manager switches colormap depending on
which application has the focus.
I hate colormap switching. I much prefer what happens with Emacs:
when XAllocColor fails, Emacs looks for the nearest color in the map
and uses it. After all I generally don't care that much about the
exact color.