Try this code for 1.16.5 below : ( ColorUtil.getColor() is same to PingColors.getColor() in your code )

https://github.com/IAFEnvoy/HypixelExtension/blob/master/src/main/java/iafenvoy/hypextension/Mixins/GUI/PlayerListHudMixin.java

This code is worked by changing a magic number in PlayerListHud.class and Inject the "renderLatencyIcon" method.

Have a try ! : D