Each row in the Masters and Layers panel has a color column showing a small color swatch. The swatch is click-to-edit: clicking it opens the color picker directly, without going through the row's properties dialog.
Color Picker
Click a swatch to open the color picker. The picker has RGBA sliders, a hex input, and a preview swatch. Confirm the new color and the swatch in the row updates immediately.
Palette-Entry Picker
For color-member rows in COLR color glyphs, clicking the swatch opens a compact palette-entry picker grid instead of the standard color picker, so the member can be reassigned to a different palette entry without opening the Palette panel.