It indeed denotes that He is GOD.
Let's see how.
the firstborn over all creation.[
i]
First born denotes "He who owns everything" by Hebrew tradition. "Birthright"
The Image verse is a specific nod to John writing that no-one has Seen the Father, yet to See Jesus was to have seen the Father, while, Jesus alone has actually "Seen" the invisible Image of God, because He is God. (The word was with God, The word was God and the Word ("Ma'amar" or "Dibbur," "Logos") became flesh.. "With God" denotes the Trinity. Was God... Denotes God the Son. The Word became flesh denotes the INCARNATION of God, God the Son, The Son of God, The Son of Man. In this very John 1 account, John specifies that No one has seen God. Because of the biblical rhythm and rhyme, , we can be certain that this verse in Colossians 1 is indeed nodding to John 1, visa vi... Post Incarnate Jesus Christ..... Post Ascension.
16 For everything was created by Him,
in heaven and on earth,
the visible and the invisible,
whether thrones or dominions
or rulers or authorities—
all things have been created through Him and for Him.