By default, when a shape is imported into CE, the front face is colored grey and the back is colored black. Is there any way to change this to another set of colors (such as red and yellow)? At times it becomes hard to tell the difference between face orientation, especially when correcting/reversing normals on detailed objects.
No, you cannot change the colors of these faces in the preferences. The faces with reversed normals appear black when you have single sided lighting enabled (viewport settings icon, top right corner of viewport -> single sided lighting).
However, one solution could be to apply a rule that colors all faces red. Then, when single sided lighting is enabled (and the scene light is off), then the faces with reversed normals will be black while all other faces will be red. Maybe this will give you the contrast you want.