The following will do what you require. The second macro is superfluous.The macro assumes that the value associated with the list item is not the same as the list item e.g.
Choose an item.
RED|Value 1
AMBER|Value 2
GREEN|Value 3
Thus if you select RED, 'Value 1' is displayed.
You can edit the list easily with
https://www.gmayor.com/insert_content_control_addin.htm
Code:
Private Sub Document_ContentControlOnExit(ByVal CC As ContentControl, Cancel As Boolean)
Dim lngIndex As Long
Dim strValue As String
Select Case CC.Title
Case "RAG"
With CC
If .ShowingPlaceholderText Then Exit Sub
Select Case .Range.Text
Case "RED": .Range.Font.Color = RGB(178, 34, 34)
Case "AMBER": .Range.Font.Color = RGB(255, 165, 0)
Case "GREEN": .Range.Font.Color = RGB(50, 205, 50)
Case Else: .Range.Font.ColorIndex = wdAuto
End Select
For lngIndex = 2 To .DropdownListEntries.Count
If .DropdownListEntries(lngIndex).Text = .Range.Text Then
strValue = .DropdownListEntries(lngIndex).Value
.Type = wdContentControlText
.Range.Text = strValue
.Type = wdContentControlDropdownList
Exit For
End If
Next lngIndex
End With
Case Else
End Select
lbl_Exit:
Exit Sub
End Sub