Imported SVG shows black instead of colors

Photoshop is a Pixel editor not a vector editor photoshop does nor support SVG files It can Import and Export SVG file somewhat.  ON import SVG file is imported as a single Pixel layer no vectors are in Photoshop for the pixels layer. It is a normal pixel layer and may have some transparency.

Now Photoshop does have some vector tools and support.  Shape layers have vector Layer Mask. The vector shape can optionally be filled with a color fill, a gradient fill or a pattern fill and the vector path can optionally be stroked.  The Shape layer can also have a normal raster layer mask and the layer can have layer style effects. can also have normal raster layer mask and can have layer styles.  So a shape layer is a mixture of vector graphics and raster pixel image. 

Text layer like Shape layers the use vector fonts and text layer can be converted to a shape layer.  

So when you export a SVG files from Photoshop  I would write you get a mixed bag of  vectors and raster image.    Browsers will likely render an image like your hast in Photoshop when you exported the svg file.  I would think  photoshop could alsi import is int photoshop as a single raster late   the may look the same.

However the SVG will  not be like an SVG file saved by an Application like vector editor like Illustrator and will most like not be compatible with Applications expecting vector  svg file from vector editors lik AI.  Your Circut machine application may find the Photoshop SVG odd.