What you're describing is a symbology property connection. It's simple enough in Desktop, but in AGOL, you can only set the transparency and rotation by attribute, not any other properties. There may be a way of accomplishing this with a second copy of the layer, but otherwise you're stuck with duplicating every symbol type for every status type.
If you tried the 2 layer approach: have the first layer be the symbol for the asset type, with no background. Have the second layer be a simple circle, with its color based on the status. When layered together, it will have the intended effect, though your symbols will all need to be the "symbol in a circle" style.
- Josh Carlson
Kendall County GIS