Hope you don't mind a different take on that. Since the story was set in the 1920s, I thought black and white film reflected the era and mood of the times. Then again, I am a huge fan of old - 40s/50s - black and white films so it appealed to me. I thought it was a re-make of "Imitation of Life" and was glad that it was not.
Lately, I've been really taken by the powerful use of symbology in films. I watched The Harder They Fall a third time, just to study the symbolism. Same with Django Unchained. I could watch those films without sound and see a whole script written in symbolism alone.
In Passing, the use of black and white film forced my attention on the actress's facial expressions that said everything they could not bring themselves to say to each other, or themselves. It was a visually stunning film and the story broke my heart.