prefix_set_preview_colours.php

<?php
/**
 * Set text preview field to specific colours
 */
function prefix_set_preview_colours() {
  ?>
  <script>
    jQuery( document ).ready( function( $ ) {
			var colours = {
				blue: "0000ff",
				red: "ff0000"
			}
			var colour_field_id = 9484;
			var preview_field_id = 9483;
			$( '.pewc-field-' + colour_field_id + ' input' ).on( 'change', function( e ) {
				var colour = $( this ).val();
				colour = colour.toLowerCase();
				var hex = colours[colour];
				$( '.apaou-text-layer-' + preview_field_id ).css( 'color', '#' + hex );
			});
		});

  </script>

  <?php
}
add_action( 'wp_footer', 'prefix_set_preview_colours' );