The fix for this bug was attempted and then reverted as it regressed existing functionality. Given the age of this regression (2021) and the risk of the fix, we are limiting the backports of the eventual fix to 6.3+.
How to reproduce:
1. Open the attached project "My project (8).zip"
2. Open Assets/Scenes/SampleScene.unity
3. Select Canvas>Text (TMP) in the Hierarchy window
4. Compare the "New Text" color in the Game view to the Material Face Color in the Inspector window
Expected results: Colors are the same
Actual results: Colors are different