Simplify the <CLR> code to something shorter, or closer to HTML standards.
ie.
<CLR rgb='255,0,0'>
<CLR hex='#ff0000'>
An example of the color tag is below
"<CLR red = '255'>" & "Text" & "</CLR>"
you can read more about formatting tags in the documentation
ArcMap
ArcGIS Pro
https://pro.arcgis.com/en/pro-app/latest/help/mapping/text/text-formatting-tags.htm
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