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I don't know how anyone could have possibly heard that as college. To me he quite obviously says "co-ed" which also happens to make more sense if you read their about page:
The Trailblazers of Zeta Phi Beta Sorority, Incorporated Zeta Phi Beta Sorority would be remiss not to pay homage to the first women who believed in the need for a new and different type of Greek-lettered organization and acted upon that need. To these women, Zeta was more than an organization – it was a movement. This belief system reflected, at its core, the desire to provide true Service, embrace Scholarship, set a standard for Sisterly Love, and define the noble concept of Finer Womanhood. This belief has sustained and encouraged Zetas worldwide to hold fast to the ideals initiated and developed by its earliest members.
The Founders of Zeta were strong, principled coeds who possessed a great deal of modesty, strength of character, and pride in academic achievement. They are a worthy foundation upon which to base our illustrious Sorority.
To me he quite obviously says “co-ed”
Maybe, except there's no reason to say "co-ed sorority" since all sororities are co-ed by definition - I've never before heard anyone say "co-ed sorority". That's also what makes "college sorority" unlikely (sororities are almost always associated with college), leaving "colored sorority" as the most reasonable interpretation.
If it wasn't historically relevant, why would they use the word on their page? Coed is relevant because women used to segregated or not be eligible for higher education at all. He's taking a shot at women, not people of colour. He yearns for the times women "knew their place" (ugh, I feel gross just typing that) and didn't seek education or a career.
In any case, that clip sounds to me like "coloured" only a tiny bit more than it sounds like "college", which is to say, not much.