How to create positive/negative overlay effect in Illustrator?

Hi! First of all, thanks for showing how to achieve this effect. After trying it out and seeing how it works, I was wondering if it would be possible to take it a step further.

My goal is to recreate the same effect, but with added control over color (while still keeping the text fully editable). In other words, I’d like to be able to change both the color of the overlapping shapes and the text itself (as shown in the attached image).

I’ve experimented with transparencies, blending modes, and opacity masks, but every approach seems to require duplicating the text. Ideally, I’d like to keep the effect as editable and simple as possible.

Any ideas on how this could be achieved?

Best regards,
Dani