These twelve colors drive the preview and export as their own Theme Colors file.
~/Library/Group Containers/UBF8T346G9.Office/User Content/Themes/Theme Fonts/
~/Library/Group Containers/UBF8T346G9.Office/User Content/Themes/Theme Colors/
Everything runs in your browser. Your fonts and colors never leave your Mac.
Theme fonts — fontScheme
Theme colors — clrScheme
Font names. PowerPoint binds a theme font to whatever name the system can resolve to an installed font. The menu groups weights under a typographic family (e.g. “Degular”), but a weight like “Degular Bold” can also bind when the font exposes that name. The top-level family is the most portable — bold is then applied in the master — and a weight-suffixed name may not survive on a machine with a different install.
The preview. It draws only fonts your browser can reach, which is narrower than what PowerPoint can use — Calibri, for instance, ships with Office but isn’t exposed to web rendering on a Mac. “Not previewable” doesn’t mean broken; PowerPoint may still have it. In Chrome, “Load my installed fonts” widens what shows here.
Doing it by hand. It’s all standard OOXML, so yes — you could open TextEdit and type the theme XML yourself. It’s also a pain in the butt, and one stray character breaks the theme. This just writes it clean, the way PowerPoint expects.
Colors. PowerPoint for Mac can build custom color themes natively — fonts it can’t. Doing both here, side by side with a live preview, is just easier.
On Windows. Same XML — it’s what PowerPoint’s own Customize Fonts and Customize Colors dialogs write — so the files work there too; only the install folder differs.
Sharing decks. These files only install the set on your machine, so it shows up in PowerPoint’s pickers. Once applied, fonts and colors travel inside the deck or template — recipients need nothing.