I’m pretty sure the answer to this is ‘no’ - but here goes.
Is there any way that I can change a word within a folder or text name in binder to a different colour?
I.E. JOE robs the bank. Where JOE is red.
Sorry, but no. The text in the titles is not “rich text”; it’s stored as plain text, so the color of binder titles is the same for all titles.
If you’re trying to visually track point of view for each document/folder, you can use the Label metadata, and then the menu View->Use Label Color In menu to show the color associated with the assigned label in various parts of the user interface.