I think your observation is correct, the orange tag is when the variable name is truncated (15 characters long or more). The blue Teodor mentioned in his topic ( Dynamic link meaning of colors - Wappler General - Wappler Community) is the selected state, when selected you can apply formatting to that variable.
@George probably knows more about the color coding for the variables. I don’t think it is a bug but a design decision that was made.
From what I observed:
Blue: Variable
Orange: Truncated variable
Green: Formatted variable
Yellow: Operator