Hello! I am trying to change the color of the font in the picture shown below, but the all the images there are one whole picture that cannot be ungrouped (as far as I know) and it does not give me the option of just clicking on the letters and changing the color. So how else would I go about changing the the color of the font?

Welcome to the forum!

If you're dealing with a raster image (jpg or png) you won't be able to manipulate it in Inkscape the way you could if it were a vector (SVG, PDF), Inkscape is a vector editor, but there are things you can do with Inkscape too and export into PNG when you're done.

If you don't have the source file of the image, for example a photoshop file or GIMP file, and if you have the desired font you installed on your computer, you can create a new text object in Inkscape to cover over the existing text. With a text object you can change the color and make any adjustment you like.

However you can achieve the look to some extent.

Duplicate the image, clip the parts you want to preserve, then on the original use filtering.
By the colormatrix filter you can go simple by hue rotate or desaturate.
Converting the red fill to black is a bit more complex. Once you got it black you can fill it with any flood colour.

If I now say I'd vectorize it or just use gimp, then we'll have the options complete