"The truly funny thing about this color scheme is that all the other Windows 3.1 color schemes are surprisingly rational, totally reasonable color schemes," tech blogger Jeff Atwood wrote back in 2005 ...

Windows 3.1's Hot Dog Stand color scheme wasn't a joke, but "a garish choice, in case somebody out there liked ugly bright red and yellow." ...

Now whenever you will open that particular profile, the selected color scheme will be visible there. You can repeat the above steps to change the color scheme for another profile in Windows Terminal.