I know the aspects of COLRv1 are supported, but for true ease of use you’ll also want to build the layer attributes, strokes and (optional) gradient construction from the palette or some other overarching “style system”, otherwise your design workflow will be quite labor intensive. Of course this can be done through scripts, but I mostly (for the course) try to stay away from those due to people’s familiarity with them.
Are there any plans for something like this? (I know color fonts are pretty niche, but still, can’t hurt to try ;)).