Formatting codes don't work when used with the placeholder "%s".
You'll find a basic example resource pack attached showing this behavior
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Thank you for your report!
However, this issue is Invalid.
Formatting codes are considered deprecated, see the comment below, as well as https://bugs.mojang.com/browse/MC-190605?focusedCommentId=993040&page=com.atlassian.jira.plugin.system.issuetabpanels%3Acomment-tabpanel#comment-993040
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Won't fix/WAI: https://bugs.mojang.com/browse/MC-33145?focusedId=111521&page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel#comment-111521
Section sign usage is deprecated and being phased out.
I'm honestly surprised it still functions in other places. The only places where you can't use text components yet for displayed text are pack/world/server names, server modt and translation values.