Developed color film contains sensitive dyes, which are carefully designed to create accurate colors. Just look at those molecules in patent literature, they are extremely complex. Predictably these dyes are sensitive to strong oxidizers, strong reducers, strong acids, strong caustics, you name it. They have, of course, be able to withstand the process conditions they have been designed for, and that's what they are tested and validated for.
Ammonium Ferric EDTA is a very mild oxidizer, in fact it is barely strong enough to bleach metallic silver, even with a bleach accelerator. C-41/E-6 designers picked it, because it gives them more leeway with their dye choice, and as a result better film products. Recent C-41 products have also been validated against Ammonium Ferric PDTA, a somewhat stronger oxidizer. Compared to Ammonium Ferric EDTA and Ammonium Ferric PDTA, Potassium Ferricyanide is a violent thug. Many people use it to bleach their color film, but don't come weeping to Kodak/Fuji if their color films can't handle it.