This is becoming a very popular method. There are multiple workflows, and I am still looking at alternatives. There are numerous tutorials. Look for ones that use the newest release version of PR which a) has the new Upgrade Caption to Graphic feature and b) has options for "Create Captions" that allow reducing the number of characters per caption to 7.
In PR, the "easy" parts are:
Speech to Text to get dialogue to text;
Create captions with settings to create one word captions;
Caption style as desired;
Upgrade caption to graphic;
Apply effect for animation.
The problem is trying to animate color automatically because it is my belief that you cannot paste text attributes/presets. I see workflows animating scale or other effects with Vector Motion or the Transform effect. There are pros and cons of different methods.