I'm currently running the developer beta for Tahoe and it does in fact support truecolor (i'm not sure if it advertises the env vars though...haven't checked).
Here's a MacRumors article about it from the WWDC announcement: https://www.macrumors.com/2025/06/16/apples-terminal-app-macos-tahoe/
and here's how colors.py looks:
it doesn't seem to support the underline though, but the blinking works (ghostty doesn't blink even)