+P loads in alloy Colts
Well, yes and no.
The owner's manual for Colt "D" frame revolvers (post-72) says that the alloy frame models (Cobra and Agent) are safe for +p use, but does indicate that the gun should be sent in every 1,000 rounds for inspection. So much for "the horse's mouth."
While I generally don't hesitate to recommend using +p loads in the steel framed versions, the Cobra is another story. In my experience, the alloy frames do experience increased wear, primarily frame battering from the ratchet and a small amount of stretch, when used with +p rounds.
To put it another way, the gun won't suffer catastrophic failure from them (they're SAFE to use), but wear will be greatly increased (they may not be very SMART to use.)
Since the alloy guns are so scarce, and replacing a stretched frame is essentially impossible these days, I recommend that my customers shoot very few +p rounds in them. If you plan to carry it and insist on +p loads, you can certainly shoot two or three cylinders full just to acquaint yourself with the increased recoil - then practice with regular pressure loads.
Personally, I like to practice with what I will actually use. In a Cobra or Agent, I'm a fan of the mid-range 148gn wadcutter load. It won't beat the gun up, but its full-caliber hole is still more effective than round nose or FMJ.
I'm sure others here can give as good or better choices in a standard-pressure load.
Clear as mud??