Text Color Change based on Regex Find & Replace

I’m interested in allowing users to tag certain items with a text field and then have those tagged items show in a different color. The text that would show the different colors resides in a single thing. I’ve tried this using conditional formatting, which works a bit (on the right in this example). I’ve also tried to extract via simple regex but it seems I can’t stack find and replace and I’m not sure how/if it’s possible. Any help/guidance would be greatly appreciated.

Thank you!

Hi, I am digging up a little bit, but I would like to know if you find a way to do that ?