What is a light weight option for changing the color of a LWRP material at runtime?

I'm busy writing a mobile game at the moment, so it requires the game to be as light weight as possible.

I've got an issue where I have 126 cubes on screen at a time all of which are randomly changing color every second.

If I'm not mistaken, Unity technically creates a new material every time a material color changes. Which is causing my game to become dead slow on some devices.

The game is using the LWRP using the lit shader.

Do anyone here know of a lightweight solution for this problem?

Here's the script that handles the color change (it's attached to each of the 126 cubes):

 using System.Collections.Generic;
 using System.Linq;
 using UnityEngine;
 
 class PlayerMaterialShift : MonoBehaviour
 {
     #region Prefab Components
     [SerializeField]
     private List<Transform> playerBodies;
     private Material material;
     [SerializeField]
     private Renderer renderer;
     #endregion
 
     #region Private Values
     [SerializeField]
     private List<Color> colors;
     [SerializeField]
     private BaseColors baseColor = BaseColors.Green;
     [SerializeField]
     private float materialTimeMax = 5f;
     private float materialTimer;
     #endregion
 
     #region Read Only Values
     private readonly string colorVariable = "_BaseColor";
     #endregion
 
     void Start()
     {
         material = renderer.material;
         if (colors.Count == 0)
         {
             colors.Add(Color.red);
             colors.Add(Color.blue);
         }
     }
 
     void Update()
     {
         materialTimer += Time.deltaTime;
 
         if (materialTimer >= materialTimeMax)
         {
             materialTimer = 0;
             material.SetColor(colorVariable, colors[Random.Range(0, colors.Count)]);
         }
 
         transform.rotation = Quaternion.identity;
     }
 }