You're right to be cautious - colloidal silver's track record in actual human bodies is pretty disappointing compared to what happens in petri dishes. The FDA stopped allowing it in over-the-counter drugs back in 1999 because there wasn't enough evidence it worked, and regular use can cause argyria, a permanent bluish-gray discoloration of the skin. If your grandma's been taking it for years, that's worth a gentle conversation with her doctor about.
Here's a practical angle though: if she's convinced it helps and it makes her feel better psychologically, that placebo effect isn't worthless - but it also means she might skip actually effective treatments when she really needs them. For colds specifically, most get better on their own anyway, so it's hard to know what's actually helping. If she wants something with actual antimicrobial backing, plain salt water gargles or honey (which does have some legitimate antimicrobial properties) are safer bets for sore throats without any risk of long-term side effects.