This is one of those moments where Twilight Princess feels like a modern (for the time) successor to Ocarina of Time. Not in the superficial ways that everyone cites, but by using the camera to flesh the subtext of Link's emotions.
I wish I had screenshots of it, but I'm thinking of the scene in OoT where Link returns to the Sacred Forest Meadow as adult and the camera lingers on the stump where Saria used to be. The camerawork serves an obvious purpose: make sure the player knows Saria is missing. But it also serves to give a glimpse into what Link is thinking. He is dwelling on the fact that his friend is not where he expected her to be. He feels the passage of time, that things which used to be certain no longer are. This is something that would be lost if the camera didn't behave the way it did.
Twilight Princess is a lot more generous than OoT generally when it comes to showing Link's emotions. It may be due to the limit on his facial expressions as a wolf, but it is difficult to parse what he is feeling here at first. But the camera could have focused on Colin the whole time. Instead, after he says his bit, it switches to Link. It reminds the player that Link is there, but it is also telling the player to think about what Link is feeling while he witnesses this.
(actually, my screenshots don't do justice to the scene because after Colin says the first bit, the other characters silently react in their own ways before he finishes and the camera switches to Link)
Midna says something afterward to the effect of "wow, sure sucks that your friends don't even know you're there and won't remember that you saved them." And yeah, maybe that is exactly what Link is thinking. But Midna is also an unreliable narrator, at least in the beginning. She's selfish and looks down on Link for being as kind and selfless as he is. She might be projecting onto him. What if that's what she would feel if she were in Link's position?
I think there's truth in what she says, but I think Link has more going on up there here. He reflecting on how he is watching his timid young friend hold onto hope and comfort a girl who is normally not particularly kind to him. He's proud of Colin, but is upset that he can't show it. Plenty of other times in the game, Link shows his affection for Colin through just a simple smile, which the younger Ordon kids hardly afford him. Link wants to smile at Colin, but even if he could be seen, he would be a terrifying beast to him. But hey, maybe I'm projecting.