I have a text field which takes value from data collection. How color of text can be changed green for 'yes' and red for 'No'.

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2

Yes you can do that easily with code, just depends on what type of field you are using in your dataset field for example.
https://www.wix.com/corvid/reference/$w.Style.html

I have done a basic sample here for radio buttons a while back here and you can view the code to start working on your own version.
https://givemeawhisky.wixsite.com/radiobuttonexample

Code used.

$w.onReady(function () {
});

export function button1_click(event) {
	if ($w('#radioGroup1').value === 'London') {
		$w('#correctMessage').show();
		$w('#wrongMessage').hide();
	} else {
	if ($w('#radioGroup1').value === 'Paris' || $w('#radioGroup1').value === 'New York') {
	    $w('#wrongMessage').show();
		$w('#correctMessage').hide();
	}
}
}

	export function button2_click(event) {
	if ($w('#radioGroup1').value === 'London') {
		$w("#button2").style.backgroundColor = "green";
		$w("#button2").style.color = "yellow";
		$w('#button2').label = "CORRECT!";
	} else {
	if ($w('#radioGroup1').value === 'Paris' || $w('#radioGroup1').value === 'New York') {
	    $w("#button2").style.backgroundColor = "red";
		$w("#button2").style.color = "yellow";
		$w('#button2').label = "WRONG!";
	}
	}
	}

export function button3_click(event) {
    $w('#radioGroup1').value = "";
    $w('#radioGroup1').resetValidityIndication();
	$w('#radioGroup2').value = "";
    $w('#radioGroup2').resetValidityIndication();
	$w("#button2").style.backgroundColor = "#384AD3";
	$w("#button2").style.color = "white";
	$w("#button8").style.backgroundColor = "#384AD3";
	$w("#button8").style.color = "white";
	$w('#button8').label = "WAIT!";
	$w('#correctMessage').hide();
	$w('#wrongMessage').hide();
	$w('#box2').hide();
	$w('#box1').hide();
	$w("#button5").enable();
}


export function button4_click(event) {
	if ($w('#radioGroup2').value === 'London') {
		$w("#button2").style.backgroundColor = "green";
		$w("#button2").style.color = "yellow";
		$w('#button2').label = "CORRECT!";
		$w("#button8").style.backgroundColor = "green";
		$w("#button8").style.color = "yellow";
		$w('#button8').label = "CORRECT!";
		$w('#box1').show();
		$w('#box2').hide();
		$w("#button5").disable();
	} else {
	if ($w('#radioGroup2').value === 'Paris' || $w('#radioGroup2').value === 'New York') {
	    $w("#button2").style.backgroundColor = "red";
		$w("#button2").style.color = "yellow";
		$w('#button2').label = "WRONG!";
		$w("#button8").style.backgroundColor = "red";
		$w("#button8").style.color = "yellow";
		$w('#button8').label = "WRONG!";
		$w('#box1').hide();
		$w('#box2').show();
        $w("#button5").enable();
	}
	}
	}
3

Actually it is not working with text field.

4

So if it is actually text that you want to change and not a text box or text input, then simply do that through html.
https://www.wix.com/corvid/reference/$w.Text.html

Your code should look something like this:

$w("#text1").html = `<p style = "color:red"> ${$w("#text1").text}</p>`;