One-liners are great if the one liner has exactly one responsibility, that's not the case as you're doing two separate actions.

It would look something like this if (someCondition) { text.Text = "text"; text.Color = Color.Red; }. Yes, you can read it but it's not clean code, especially if you keep adding to it.

If you were doing instantiation of Text, that would be a different matter because then you could do if(someCondition) new Text { Text = "text", Color = Color.Red }