Changing my query to following worked for me.
I removed the product ID field & called the post taxonomy directly as I didn’t need the product Id’s.
<?php
$args = array(
'post_type' => 'colorshades',
'fields' => 'ids',
'posts_per_page' => -1,
'meta_query' => array(
array(
'key' => 'colors_product_id',
// 'value' => $product->id,
// 'compare' => '=',
),
),
'tax_query' => array(
array(
'taxonomy' => 'shade_type',
'field' => 'slug',
'terms' => 'dcm'
)
)
);
$query = new WP_Query($args);