The ColorPickers in the Editor allow the user to change the text color or the background color of a selection in the component. When the Editor is working in Inline mode, if you select a text and manually enter a value in the HEX input of a ColorPicker, the pre-selected text is no longer selected. No text is colored inside the Editor.
The ColorPicker closes. The selected text in the Editor before opening the ColorPicker is no longer selected. No text in the Editor is in the color entered in the HEX editor.
Clicking on the Apply button of the ColorPicker, after a HEX value is entered, should close the ColorPicker and color the pre-selected text. This correct behavior can be observed in the second Editor in the linked above Dojo example.