In the Sermon Editor, if I have already made some text bold, italic, or underlined, then I change the color of the text or paragraph, the Sermon Editor removes all previous character formatting except for the selected color. In fact, I believe that changing anything in the font "style" dropdown removes all other character formatting on the text.
This might be intended in the Sermon Editor. Not sure. But it isn't helpful for me since I typically change font colors as a final step before preaching.