As Davscm, go to Edit>Toolbar...
In the customize toolbar window that pops up, you will find a few buttons in the bottom left of the window that either enables or disables "toolbar extras". I was having the same issue as your student. I spent a good 20-30 minutes trying to figure out what the heck was going on.
If you simply disable the button for the 'Edit Toolbar' shortcut, then like magic the preview swatch for the foreground and background color toggle will be visible.
In my case, the foreground and background color preview was not gone, it was just preceded by the edit toolbar button (three dots) and pushed down out of view because of the size of my digital drawing display. No doubt some random update gave me that new shortcut button to quickly edit my toolbar.. um, gee thanks. Though, I really can't imagine a good reason for needing to have a shortcut for this as going to Edit>Toolbar... is not so onerous an operation. If you are someone who needs to change your toolbar that often, there are several paid free plugins that do a significantly better job of creating and managing a custom tool and brush layout. On the topic of plugins, I highly recommend any of the Photoshop plugins made by Sergey Kritsky. Every single one of his plugins is amazing and he is very active himself in the community. He has his own Discord channel to discuss features and updates for all his projects. He's really just an awesome guy.
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