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If you're changing the color to any random value, then yes, those are the correct steps. If you're only using certain color values then we recommend you create named styles for those so you can access them from the top level of the of the 'i' button.

To create a new named style:
-Open the tools menu
-Tap the Styles tab
-Tap the New Styles button at the bottom of the popover
-Name the style
-Set the style attributes you want, in this case the text color

Now when you open the inspector (the 'i' button), you'll see this new style in the list there and can just tap on that to apply it to your selection. Hope that helps!