Yes, you can add to or replace the palettes using the hooks brucebanner_default_bg_colors and brucebanner_default_text_colors.
For the background:
add_action( 'brucebanner_default_bg_colors', 'mytheme_brucebanner_default_bg_colors' );
function mytheme_brucebanner_default_bg_colors() {
return [
'#6d1e84',
'#54366f',
'#e40043',
'#92BFC5',
'#000000',
'#ffffff',
];
}
For the text:
add_action( 'brucebanner_default_text_colors', 'mytheme_brucebanner_default_text_colors' );
function mytheme_brucebanner_default_text_colors() {
return [
'#6d1e84',
'#54366f',
'#e40043',
'#92BFC5',
'#000000',
'#ffffff',
];
}