Ok, that explains poor performance. You are changing lots of text objects many times, and repeat this on every tick. Say, if you have 10 texts on the layout, from what I can see on the screenshot, you are making 10*11*60=6600 text updates per second, maybe more.
An obvious fix is to not update them on every tick. Change colors in the same event where you assign texts to text objects, or in "On object created" event.
You can also reduce the number of text updates if you replace all tags in a string variable first. For example:
BBCodecolors On Created
Local variable s
Set s to BBCodecolors.text
Set s to replace(s, "&0", "[/color][color=black]"
Set s to replace(s, "&1", "[/color][color=darkblue]"
...
BBCodecolors set text to s