I have been trying to figure out how to do this but I don’t think its possible.

How great would it be to be able to reference the colour style of a nested component and have that be applied across the new component.

This would mean that you don’t need to design a huge amount of variants to just change the text colour. Rather you change the nested component (which already has a number of icon and colour changes) which has colour styles baked in, then the text layer references that colour style and updates automatically.