There was a similar bug in the dimension tool where changing the text color didn't affect the text color of the dimension.
Try this workflow:
Create a label.
Select the label.
Make style changes to the label until it's what you like.
Activate the label tool.
Press the "s" key to activate the "style sampler" mode.
Click on the label that you prepared to sample that style into the label tool.
At this point, the label tool should be creating labels with the text color you wanted.