Yep, you'll need a formula rich text field. You then just insert your summary field into the middle of the div as such.
"<div style=\"background-color:pink;\">"& [Priority]&"</div>"
Here are more details
https://help.quickbase.com/user-assistance/color_field.htmlIf you need it to change dynamically based on the field value here is another example:
Case([Priority],
"Urgent", "<div style=\"color:white; background-color:#FF0000;\">[Priority]</div>",
"High","<div style=\"background-color:#FF6666;\">[Priority]</div>",
"Medium", "<div style=\"background-color:#FF9999;\">[Priority]</div>",
"Low","<div style=\"background-color:#FFCCCC;\">[Priority]</div>", "")