Get Data From wp_sitemeta for Multisite network

The documentation for this is contradictory, but I believe wp_sitemeta is meant to only store information for sites in the wp_sites table, which only stores the main site in a network. It would make more sense to store each site’s template_color in their individual wp_[BLOGID]_options tables.

However, keeping the data as-is, you may be able to use the following instead of get_site_option:

get_network_option( $site->blog_id, 'template_color', 'not_available' )