The color picker hasn't been working for me, particularly when trying to change text that I've highlighted. It ignores it.
For what it's worth, I noticed the same behavior a couple of days ago. That, as well as trying to change the font causing SnagIt Editor to go into a not responding state for a long while. Generally, if I wait long enough it recovers. But I've had a few occurrences of being forced to kill SnagIt completely and restart.