How to Retrieve Products from a Metafield and Display Their Corresponding Colors

I believe you’re mixing things here – you do not need the color metafield, you need value of the Color option.

So the code would be like:

{% assign le_products =  product.metafields.custom.product_limited_edition %}
{% if le_products %}
  
    {% for p in le_products.value %}
      {% assign option = p.options_with_values | where: "name", "Color" | first %}
      {% assign color = option.values | join: " " %}
      

        
          
          

{{ p.title }} - {{ color | capitalize }}

      
      

    {% endfor %}
  

{% endif %}