I have been trying to reproduce something similar within ArcGIS using a DEM and a hillshade layer set to 50% transparency.
Hello just in-case anyone comes across this in the future I found the colour ramp that I wanted was a HSV shader available in Global Mapper.
In ArcGIS, you can use colorramp Elevation #1 from Layer Properties - > Symbology tab on your DEM and then use the technique I mentioned in the blog: Combining colored and grayshade rasters with high fidelity | ArcGIS Blog