I wonder if I can modify assets such as colors, character styles, components on the CC library for XD. I am unable to find any option such as in Photoshop, Illustrator to modify colors and other assets.
If I cannot modify, then it is not fully utilizable and ends up with just a backup/storage on the cloud. Like any changes, one team member made won't automatically affect the other team members. In that case, it is dangerous to be dependent on the CC Lib for XD. Better to use local Assets Lib.
Thanks for reaching out. I am afraid, as of now, we don't have an option to edit colors or character Styles directly in Creative Cloud Libraries from XD. Having said that, I will share your feedback with the Engineering team and you can do that too by posting a request here: https://adobexd.uservoice.com/forums/353007-adobe-xd-feature-requests