In (8.0.22319.12305, 2022-11-15), The Object Layer color dropdown shows the wrong color next to layer names after the color for the layer has been changed. I think it’s ok if you don’t change the layer color.
Also, the current draw color for previewing curve drawing doesn’t get updated when you change the layer color. That is, if a layer color is red and you draw a line, the preview is, and should be in red, but if you then change the layer color to green and draw another line, the preview is still red.
It also shows up in the color swatch in the ChooseOneObject dialog. I suppose it’s all from the same thing.