You can color lines with different indentation differently with an extension like Highlight. For instance I can get this:

with this code in settings.json:
"highlight.regexes": {
"((?<!.))(\\w.*)": [
{},
{
"color": "green",
"fontWeight": "bold",
// "outline": "1px solid #fff",
"letterSpacing": "1px"
}
],
"((?<!.))( )(\\w.*)": [
{},
{},
{
"color": "yellow",
}
],
"((?<!.))( )(\\w.*)": [
{},
{},
{
"color": "red",
}
]
}
My setup inserts 2 spaces per tab - I found that you need to use spaces in your regex, not something handier like (\\t\\t) or ( ){4} but instead must use ( ) - that is 4 spaces representing two tabs for me - for the regex to work in the extension.
For more styling options, see https://code.visualstudio.com/api/references/vscode-api#DecorationRenderOptions
The extension link shows how to restrict this to whichever filetype(s) you wish. Which I incorporated into the second batch of code below.
If you want only the bullet headings, like a-z or 1-9 to be colored and not the rest of the text on that line, that can be achieved in the regex too:
"highlight.regexes": {
"((?<!.))(\\w.*)": {
"regexFlags": "gi",
// "filterLanguageRegex": "markdown",
"filterFileRegex": "Notes.*\\.txt",
"decorations": [
{},
{
"color": "green",
"fontWeight": "bold",
"letterSpacing": "1px",
"textDecoration": "underline"
},
]
},
"((?<!.))( )([a-z1-9][:\\.])(.*)": {
"regexFlags": "gi",
// "filterLanguageRegex": "markdown",
"filterFileRegex": "Notes.*\\.txt",
"decorations": [
{},
{},
{
"color": "yellow",
},
{}
]
},
"((?<!.))( )([a-z1-9][:\\.])(.*)": {
"regexFlags": "gi",
// "filterLanguageRegex": "markdown",
"filterFileRegex": "Notes.*\\.txt",
"decorations": [
{},
{},
{
"color": "red",
},
{}
]
}
[Restricted to files of the form Notes1.txt, Notes blsdfs .txt and similar.]

Obviously, you can have as many levels of indentation as you want with more regex entries following the same pattern.