Another option using the same method but collecting all the text->color conversions into a table:
#let colors = (
"one": blue,
"two": red,
"three": green
)
#show regex("\b(?:" + colors.keys().join("|") + ")\b"): name => {
let key = name.text
let color = colors.at(key)
set text(color)
name
}
Dummy text one, Dummy text two, Dummy text three
The following topic also mentions another way of achieving this, using selector.or():