Disabling chat color in Chat settings has no effect with JSON format

What I expected to happen was...
Upon setting the colors chat setting to off, the colors in chat would disappear and become white

What actually happened was...
Text in chat is still colored

Steps to Reproduce:

1. Go to Options > Chat Settings... > Colors and set that to OFF
2. Print a message with color to chat

   /tellraw @s {"text":"foo","color":"red"}

   The text is still colored