Please implement a simple color menu which could be prompted by hovering over the icon and from which we can select various colors for the highlighter.
Adobe Acrobat and Reader official update (21.001.20135) containing the fix for this issue is now available. Color Swatch is introduced to change Annot color easily and can be used for Highlight , Underline , Strikethrough and Caret Type of Annotations. Also find attachment for the glimpse of feature.
This update will be automatically pushed to all existing installations of Acrobat and Reader. You may also manually trigger the update early by opening the application and going to Help > Check for Updates.
More information about this release is here: https://helpx.adobe.com/acrobat/release-note/release-notes-acrobat-reader.html
Please try it out and let us know your feedback!
Thanks for your patience and support!