Vim: remove matching braces and the first word in the braces - regex

Question

For example, change
text 12345 {\color{red}text 123 \ref{label} 567
1234} 567
to
text 12345 text 123 \ref{label} 567
1234 567
What kind of operation should be done in vim?
I aim to find every all patterns {\color{red}
and remove the pattern and the matching brace } for the pattern,
while keeping the text in between.
The pattern {\color{red} can be anywhere in the line (not necessarily at the beginning of the line).
The text between the {\color{red} ...} can have multiple lines as shown above.
Thanks a lot for your help.
Edit:
I just find a way to do it, but may not be efficient enough.
:g/\\color{red}/norm ndiBvaBpd%
g: global
/\\color{red}: match the pattern
/norm: normal mode command
n: forward the cursor to next matching pattern from the cursor. But if the pattern is at the beginning of the line, it may fail to find it.
diB: delete inner block from the cursor
vaB: select block around the cursor
p: put to the selected block
d%: delete \color{red}

Answer 1

didn't get what do you really mean. there are many ways could do it.
{\color{red}text 123 \ref{label} 567}
^
|cursor
you could do:
df}$x
if you have surround.vim installed, removing surrounding braces would be easier. (ds{)
EDIT
for the question update:
open your file, and type:
:g#{\\color{red}#normal 0df}$x
hope the command does what you want.
EDIT II based on question update
if your target text object is crossing lines, you could try this:
g/{\\color{red}/normal 0f{mz%x`zxdf}
above line works if your target pattern crossing multiple lines (not only one/two, could be many). However the syntax must be correct, which means, the { , } must be paired.

Answer 2

I would use a substitution with regex for this:
%s/\v\{\\color\{\w+\}(.*)} ?$/\1
\v very magic (sane regexes)
{\\color\{\w+\} the color thingy
(.*) capture the text you want to save
} ?$ closing nipple bracket and optional space at the end of the line
/\1 replace the whole thing with the first capture, which is stuff between color tag BS
For your edited example, you can use \_. instead of . because it includes linebreak characters.
%s/\v\{\\color\{\w+\}(\_.*)}/\1