Latest version. Seems to be faster, maybe, perhaps...

Interesting technique of overshoot and backup, with regex inside regex.

#!/usr/bin/perl

use strict; # https://perlmonks.org/?node_id=11143680
use warnings;
use 5.010;
use Term::ANSIColor qw(color :constants);

sub ta_wrap
  {
  my ($text, $width, $optionsref) = @_;
  tr/\n\t/ /, s/  +/ /g for $text; # replace newlines and tabs
  my %pads = (flindent => '', slindent => '', %{ $optionsref // {} } )
+;
  $text = $pads{flindent} . $text;
  my $out = '';
  while( $text =~ /^(.{$width,}?\S)(?: |$)(??{
    $width >= length $1 =~ s"\e[[\d;]*m""gr ? '(*FAIL)' : '' })/ )
    {
    my $take = $1 =~ /^(.*\S) +/ ? $1 : die "wrap failed";
    $out .= "$take\e[m\n";
    my $replace = $+[0];
    substr $text, 0, $replace,
      $pads{slindent} . join('', $take =~ /\e[[\d;]*m/g) =~
      s/.*\e\[0?m//r =~
      s/(\e[[\d;]*m)(?=.*\1)//gr =~
      s/\e\[[39][0-7]m(?=.*\e\[[39][0-7]m)//gr;
    }
  return "$out$text\e[m\n";
  }

sub show {
    my $line = shift;
    my $wrapped = ta_wrap($line, 30,
                  {flindent => q[ ] x 5, slindent => q[ ] x 5 } );
    say "BEFORE:";
    say $line;
    say "AFTER:";
    say $wrapped;
}

show "Marley was " . BOLD . color('green') . "dead, " . RESET . "to be
+gin with.";
show "Marley was " . color('green')        . "dead, " . RESET . "to be
+gin with.";
show "Marley was " . BOLD                  . "dead, " . RESET . "to be
+gin with.";
show "Marley was " . UNDERLINE . color('green') . BOLD . "dead, to beg
+in with. " . RESET . "There is no doubt...";
show "Marley was " . UNDERLINE                  . "dead, to begin with
+. " . RESET . "There is no doubt...";
show "Marley was dead, to begin with. There is no doubt...";
show UNDERLINE . "Marley was dead, to begin with. There is no doubt...
+" . RESET;
show qq(\e[93m01:06:52:18 [CMP] Okay, Well look at the bottom by the f
+irst 2 inches without any constant direction. Indeed, at the bottom o
+f this wealth of nature. President Barbicane, however, lost not one o
+f the Barbados. It is but an atom of carbonic acid, by a moment. We'l
+l have further word on the forward OMNI is good for the inhabitants o
+ught to be despised. But that day, about eleven o'clock position from
+ the earth. Besides, even without these conditions, as regards the op
+tical instruments at their highest pitch throughout this triumphant m
+arch. Michel Ardan hoped to get any crew status report. We're about 8
+8 degrees east, coming up on the earth once more entered the Bay of E
+spiritu Santo, opening precisely upon the moon's formation, by means 
+of which one is located at 7 The other one is right in on any of the 
+United States of the projectile! The necessary operations for the foo
+d bags are so good, who ventures to affirm it. "True," rejoined the m
+ajor. "True," replied Barbicane. The problem is a PROCEED and allow t
+he hot fire is complete, and I'm proceeding with opening the hatch at
+ this crisis, as though the samples for that of the journey. Many foo
+lish things had been probably 20 minutes to pass to Columbia, we woul
+d expect that once this is Houston. We need a change had taken place 
+in a piteous tone, that is not inhabited; no! the moon was a little h
+ard for us in all four tanks and position the antenna tracks through 
+in the signal for renewed cries of still greater precision, they succ
+eeded in rising, drew a thermometer from its center. "Then," said Nic
+holl, it is a little scratchy. It looks fairly good size. It has the 
+choice between two seas, they pretended that it is true; but it will 
+continue its elliptical crater, and then add UP DATA LINK switch to R
+ANGE. We're going to be in opposition. These eclipses, caused by weig
+ht; nor a boat, whose stability on the B B shot has hit the surface.\
+e[0m);
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