1. Inspect element > In the Styles pane, click the color square next to the color property. This will open the color panel.
2. Expand the "Contrast Ratio" section to see more details whether the color value meets the W3C recommendation.
3. Use the "reload" icon next to AA/AAA to use the suggested color to fix the low color contrast ratio.

[1] "Color Picker" - Chrome DevTools Docs