Additionally, after clicking on the radio, I noticed that if I resize the browser (and apparently hit a breakpoint / css media query related to the controlled color field), the color field does get hidden/shown as specified by the radio value. So, 1. It doesn't play out on click and 2. It does update on clicking "Update" (updating the page), and also the controlled element appears if a window is resized enough to trigger a css breakpoint.
The code is very complicated, you can check it in the file conditional-logic.js under the plugin folder. meta-box-aio/vendor/meta-box/meta-box-conditional-logic/conditional-logic.js meta-box-conditional-logic/conditional-logic.js