Only if there are few icons. If every item in that menu in the screenshot of Windows had an icon, and all icons were monochrome only, you'd never quickly find the one you want.
The reason icons in menu items work is because they are distinctive and sparse.
But of course, a good design is adapted to its user: frequent/infrequent is an important dimension, as is the time willing to learn the UI. E.g., many (semi) pro audio and video tools have a huge number of options, and they're all hidden under colorful little thingies and short-cuts.
Space is important there, because you want as many tracks and Vu meters and whatever on your screen as possible. Their users are interested in getting the most out of them, so they learn it, and it pays off.