To get the effect for the hex value you need to use Notions math equation. The equation can be used by holding CTRL/CMD + SHIFT + E and typing in one or both of the operators.
note, it does mess with the font for some reason 🤷
Variables
\color{#HEXVAL} will set the color of the text
optional for this situation
\colorbox{#HEXVAL} will set the background color
{TEXT TO BE SHOWN} text that will be display
must be added to the end of the equation
Complete Example
\color{#F15A22}\colorbox{#0C2340}{UTSA orange text on UTSA blue background}
