Hi Saurabh,
Sorry for the inconvenience caused.
We would inform you that we have modified the below sample. In this sample, you can successfully achieve the two-way binding in our color picker. Please refer the below sample link.
Sample link:
Could you please check the above sample and let us know whether this is fulfilling your requirement or get back to us if you need further assistance.
Regards,
Arunkumar D