As long as you make changes only by using the theme options or via a child theme, you really shouldn’t lose any options at all.
If you are nervous about this, you can always export the theme options before upgrading. If you should lose something, you can just import your old options to regain it.
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or is there a way to create a new theme colour preset??
This was answered a while ago in this forum. If I remember correctly the short answer is “no”, and the long answer is “you can, but you need to edit javascript, and then you lose those customisations at the next theme update”.
For what it’s worth, I have never lost any customisation by upgrading. I have had to adjust and tweak things a bit, because each update also includes some style changes, but it’s never been anything that’s made me pull out my hair. In fact, I generally end up tweaking things that needed tweaking anyway.
Cheers,
Ken