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Under Properties > Labels > Background there is an inconsistency between the tooltip and how string colours are interpreted. See here:
Properties > Labels > Background
When using hex the format is interpreted as #AARRGGBB.
This appears to be a bug since RGB is interpreted [r,g,b] and [r,g,b,a] (consistent) while hex is interpretet [#rrggbb] or [#aarrggbb] (inconsistent).
Required, but never shown