@RandyHayes This helps, but I was trying to avoid doing calculation again.
My logic was I had a label.text = IfError(Value(Label_FYtblFcst_3.Text) / Value(Label_FytblFcst7.Text), 0)
and then
if(label.text = 0, blue, green)
This is returning green as when I check label.text in formula bar, it says "Powerapps encountered an error...."
eventually ended up using If(IsBlankOrError(label.text),blue,label.text = 0, blue, green) which seems to defeat the purpose of IfError, hence the question.
Thanks!