Conditional formatting question

Hello,
In conditional formatting is it possible to do a selection of tag for specific condition (instead of just working on editing text and color)?
See attached image.

Thank you

In this case, to set a field-value, request you to consider Column-formulas.

For eg.

Wherein, column-formula is defined as: IFERROR(IF(LT(B,TODAY()),Red,""),"")

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