A group of Microsoft Products and technologies used for sharing and managing content, knowledge, and applications.
Dear Nerdyplayer1,
I'm afraid that it can't be done by Column Formatting as Column Formatting may not be smartly applied based on some actions automatically. You may use PowerApps to create a custom list view with the dynamic formatting changing.
If you have PowerApps, you can do that as follows.
Here is an example for your reference.
Add a gallery connected to the list in PowerApps and add the formatting like Column Formatting in the list.
Type on the item of the Due Date column and apply the rule If(ThisItem.'Submit Date'<>Blank(), FontWeight.Normal, FontWeight.Semibold) on FontWeight and If(ThisItem.'Submit Date'<>Blank(),Color.White,Color.Red ) on Fill.
Add a date picker control to update the Submit Date column and a button Edit to update the selected item.
The formula is Patch('Test List 02',ThisItem,{'Submit Date':DateTimeValue(DatePicker1.SelectedDate)}) on OnSelect.
Now do a test to see the outcome and publish the app.
Finally add the app with the PowerApps web part on a site page in SharePoint Online. Share the app with your users who has the PowerApps licenses assigned and click on Details of the app to get the app id. Embed the app on the site page with the app id in the PowerApps web part.
Result:
Update the Submit Date value on item3. All formatting is cleared on Due Date.
Your understanding is highly appreciated.
Sincerely
Cliff | Microsoft Community Moderator