That cancer cell lines are often immortal is interesting circumstantial evidence for this.
Telomere shortening for example is hypothesized as one stop mechanism for runaway cell division.
My bet would be that this is part of the answer but not the whole answer. Biological systems rarely have one part match one function. Biology is not “designed” the way humans design things.
I am not saying you are wrong, I don’t know, but I know that hair becomes grey due to decreased melanin production in your hair follicles as people age.
So the natural conclusion based on what you are saying (assuming it is true) is that the decrease of melanin production in hair follicles reduces the risk of cancer. How so?