Hi, and welcome to the forum

Yes, there is, or should be. The screenshot is from 17 Ultimate but 16 is the same.

There are possible reasons why you can't do this:

1. You aren't looking in the right place.
2. Your installation is incomplete or corrupt.
3. It might be that font colour selection is dependent on hardware being available and you don't have that hardware.
4. It is possible that you can't change the colours in the very basic version of Studio but I'd be very surprised if that were the case, and anyway you say you have Ultimate.

Can you link to the reviews that say there is a limited range of colours?