If I have a relationship field in my list, I can link a task to it to create a relationship.

If a status of that linked task changes, change the text color in the relationship field to match the status.

So if the status of the linked task is "IN PROGRESS" (E.g. BLUE status) the text in the relationship custom field changes to BLUE the status color.

If I complete the task, the text in the relationship field will change GREEN.

This allows me to see the status of all the linked tasks on a list without having to open each one at a time.