Yes it is.
Here's pic of Preview Pane text colors:
Red is Preview Pane > 5
Orange >6
Green >7>1
Blue >7>2
Preview Pane >8 is in Save Dialogue (if you save a picture it is "Date Taken")
Preview Pane >9 > 2 is in Save Dialogue also (if you save a picture it is "Specify Date Taken)
These are found only in the Snipping Tool save dialog
I can't find Preview Pane > 9 > 1 textcolor yet