Part of #34284

Why

The colord library may be a better replacement for tinycolor2, which is currently used by the ColorPicker component:

• it has a smaller size
• it comes with first-party TS types

What

The maintainer of colord reached out to us in a previous PR and suggested we take a look at the colord library.

We should first assess the feasibility of this refactor (partially started in #34014 (comment))

A/C

• Assess if colord provides all needed functionality
• Assess if any breaking changes are introduced
• Swap the libraries, update imports