As it stands, shopify shows all product variants as available, out of stock varients should be either greyed out or have a strike through on the variant.
This could even be offered as a work around css code, however

Thank you for your suggestion!
This feature (Dynamic option availability) is available for our swatch and chip variant styles.
If you have questions or need assistance, please reach out to our support team at help@fluorescent.co
Thank you,

