I don't know the details of you setup, but I doubt the color problem is the TV. How do the colors look with an antenna?
Antennas are pretty useless here in the mountains. There are several tall mountains between us and the nearest local transmitter.
I set the Picture Mode back from Cinema to Standard and skin tones look more natural now.
For audio, I'd skip ARC and just run a optical line to the receiver.
I have to use the optical output for my bluetooth hearing aid adapter.