Is it possible to create multi filter search based on filterBy?

Yes, that way you can post an array of colors, but how do you want to filter by multiple colors using the filterBy() method? It only accepts one key => value pair. For what you want to achieve, you want to filter either by color red or by color blue etc, so you need to return the result if it is in the array of posted colors.

You would need a solution like the one posted here: Filter Pages by multiple fields - #4 by distantnative