This is a question for the Esri developers or anyone else that has insight into the inner workings of ArcGIS. In the attribute table of an Annotation Feature Class we see Fontname, Fontsize, Bold, all the way through to CharacterSpacing and FlipAngle. There are no less than 15 attributes to control the appearance of a feature, yet somehow what is arguably the most changed attribute of all is not there. Why is color absent? It can't be simple oversight.
(The question behind the question: how does a person change the color of more than 4 thousand annotation features in one go? Interactive changes via ArcMap Editor or Drawing toolbar works are possible but sketchy (ref) and using text formatting tags or symbol overrides are non-starters.)