Steps to Reproduce
Navigate to Incident > All and open an existing Incident record.
Right-click on the field title Short Description and choose Configure Styles from the context menu.
Set the styles as follows and then click Submit.
Field name: Short description
Open an incident list.
Note that the Short Description text is displayed in standard black rather than in red. (This works as expected on forms.)
After carefully considering the severity and frequency of the issue, as well as the the cost and risk of attempting a fix, a decision has been made not to address this issue in any current or future releases.
See also the related article "Value based field styles applied to forms inconsistently on UI14 and UI15":
Related Problem: PRB638178