System Information
Operating system: Windows-10-10.0.18362-SP0 64 Bits
Graphics card: GeForce RTX 3090/PCIe/SSE2 NVIDIA Corporation 4.5.0 NVIDIA 460.89

Blender Version
Broken: version: 2.92.0, branch: master, commit date: 2021-02-24 16:25, hash: rB02948a2cab44
Worked: (newest version of Blender that worked as expected)

Short description of error
The glow color effect, makes everything BUT the selected color glow
For this scene i attempted to select the lightblue shine on the glasses, and have them glow a distinct color. But what happened was everything, but the light blue started glowing, not very useful.

Exact steps for others to reproduce the error

• Start 2D animation project.
• Draw a shape with a distinct color like red, and another, maybe green.
• Add effect > Glow.
• Set mode to color.
• Select the red color, and set it to glow red.

What's expected is for the red shape to be glowing red. But what actually happens is everything else is glowing.
I suspect the masking created by the selected color is actually inverted.

Here is an example file