This is the case on Simple sites, AT sites (with and without standalone Gutenberg plugin enabled) work fine. Reported in 4343265-hc, confirmed on my test sites. There's no color setting on the sidebar and no inline color option:

Received a user report of this for a Media & Text block as well which should have these settings usually:
https://wordpress.com/support/wordpress-editor/blocks/media-text-block/#block-settings
I was able to reproduce on my test, simple site as well
14393937-hc
Reported on Paragraph blocks 19880541-hc
Reported in HC-20555656 for Group blocks, paragraph blocks. Also, tested on my own site without color setting for paragraph blocks.
Reported in 19190136-hc
Reported in 7873032-hc for the Cover block, follow-up created 2926354-zen
@Automattic/ajax shipped a CoBlocks update to version 1.23.0 about two hours ago.
I reverted the update in 206590-wpcom. Can you confirm that that fixed it?
@obenland I'm able to see the color options now on my simple sites previously having the issue 馃憤
Fixed in r206590-wpcom.
Most helpful comment
Fixed in r206590-wpcom.