The feature to choose the text color has been removed. Now Discourse automatically selects the color with better contrast.
But I had the same problem you have, and Meta has (for example, in the category banners of Support > WordPress, Theme component and Site feedback > Forum summaries ): on existing categories, this did not work. My texts were all white - even the ones on yellow. I saved the category settings again, and that fixed it. But it was quite annoying to check all categories and re-save them to trigger the color calculation.
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