The only way I know of to change text color of state_label based on state need to use the config-template-card.
Here is an example, when binary_sensor.wyze_sensors is on, text is cyan, when off, it’s red:
- type: 'custom:config-template-card'
entities: [binary_sensor.wyze_sensors]
card:
type: picture-elements
image: /local/banner2.png?v=3
elements:
- type: state-label
entity: binary_sensor.wyze_sensors
style:
top: 50%
left: 50%
font-size: 0.7vw
color: "${if (states['binary_sensor.wyze_sensors'].state === 'off') 'red';else 'cyan'}"
Help that helps.