Undoubtedly it is not producing the same color spectrum as new, as phosphors fade over time, its blue spike is getting wider and taller, so it is always producing more and more blue light, slowly permanently blinding you while disrupting your circadian rhythms, increasing your chances of having diabetes and heart disease, and taking years off your life. But at least you saved a buck.
Only because the sun is much brighter than any LED, but when comparing the colors of the spectrum output, the sun's color spectrum is flat compared to LED, which has what is known as a "blue spike." Most of the light a high efficiency LED outputs is blue because all high efficiency LED are blue LED. Only phosphors allow it to output other colors. And the more the LED is used, the more the phosphors fade, the more the output spectrum shifts to blue. And there is more and more scientific backing showing the problems with LED becoming more concerning. Here is a summary of one scientific study.[1] There are myriad more, and more and more are being published.
