Yes, decolorized Aloe Barbadensis is still considered a humectant, similar to regular Aloe vera gel. The decolorization process mainly removes the aloin and other anthraquinones responsible for the natural yellow-brown color, but it does not affect the polysaccharides (like acemannan) in Aloe vera, which are primarily responsible for its humectant properties. If it feels like this ingredient works for you either the product you're using contains other stuff that helps the moisture to stay in or just your hair really loves it and in the end what matters is that it works for you.