I am sorry to tell you this but the colored Zupreem is the worst bird food there is (well, with the exception of wild bird seed that is full of black oil sunflower seeds) - so yes, it would be bad for him to eat only this his entire life. It's not only the artificial coloring and flavoring, it's also the soy, the inferior ingredients and the fact that it has way too much protein for them (budgies eat grass seed in the wild which never has more than 12% protein while the pellets have a minimum of 14% so the bird ends up eating too much protein all year round instead of only when the grasses seed).
Your bird would do much better (and would be MUCH happier) with gloop and a leafy green in the morning and a good quality budgie seed for dinner (with a bit of multivitamin/mineral supplement two or three times a week). Budgies are not fruit eaters (of all the budgies I've had and we are talking maybe 60 or 70 of them throughout the years, only two ate any fruit) but they LOVE leafy greens, especially if they are dripping with water (they sometimes like to take a 'bath' on them, rubbing their bodies against the wet leaves). Mine go straight for it when I put it in their cage - and Duke, a blue male, does not even wait for me to finish tucking it between the bars, as soon as my hand is close to the spot where I usually put it, he is already eating it
And they love their gloop! They eat all the grains in it plus most of the veggies (they sometimes don't finish their sweet potato and they do not eat the green beans if I add them to the gloop) so they are getting carrots, corn, peas, butternut squash and a leafy green every day.