Form control drop down list+ color coding

okay so I'm making a drop down list that has permanent arrow in the same cell as my options. now the list has tasks assigned and I want to color code on the basis of done/not done/in progress

I used the index formula but I think the information in the cell is hidden behind the form control box so is the conditional formatting

Does anyone know how to edit text and formatting of the form control box - even if I can make it 'no fill' so the cell formatting is visible

or keep the arrow from data validation command in the same cell?

is there any other way I can achieve the same cell arrow and color coding both?