Make white background transparent, then change the color of the visible text
I needed this more than I can remember, but don't know if it's even possible?
Let's use this image as an example, where it's a white background with black text.

Now I would like to paste it, remove the white, change the color of the black text.
Using Multiply I can "get rid" of the white, at least, visually speaking. Now how would I be able to change the text color from black to red?
I know I could select the white with the magic wand, for example, delete it, etc, but I was looking for some option where I could do this without deleting anything, but also, if possible, a way that allowed me to paste another image with a different font and it would do it automatically for me (via a group or smart object, maybe).
The reason I need this right now, is just because I want to test different fonts on top of a background without having to install more fonts. I just take a screenshot from a fonts website, paste it, see if it works, and move on. If I like it, I install the font. If not, another screenshot, repeat.

