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The problem with your suggestion is that folding doesn't work kien/rainbow_parentheses.vim#10 out of the box.
I've been using https://github.com/luochen1990/rainbow for some time now, and it works brilliantly. I suggest you try it out, and see if you prefer it as your suggested rainbow parens plugin.
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bounceme commentedon Feb 19, 2017
I also ported https://github.com/tsdh/highlight-parentheses.el which may interest some people:
https://github.com/bounceme/poppy.vim