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Low dose aspirin are one of those medications that the benefits far outweigh the risks. Continue taking it. I would say it reduces the chances of strokes and heart attacks as it's an anti platelet aggregator - preventing clumping of platelets. I have never heard it decrease risks of colorectal cancer.
It's a pretty significant reduction, about 30-40% by some studies. But USPSTF hasn't given it a formal recommendation yet in any groups other than 50-59 year old adults with a greater than 10% CVD risk because the outcomes analysis is inconclusive, and because it takes a long time for cancer prevention effects to show up (need to take it daily for 5-10 years before the risk reduction becomes apparent.)