There's nothing wrong with that graphic at all, (except you can't really see the pointer over that green), but nothing wrong with that orange as shown.
There is however, something wrong with the contrast math being used to calculate the ratio.
Early in 2019 I became involved with the W3C due to the problems I found in their approach to contrast. This work resulted in the APCA as a new actually accessible method.
Contrast is not primarily about color, it is first about the spatial qualities, meaning size, thickness, font weight. The human vision system detects contrast based more on spatial frequency than an arbitrary luminance ratio.
Also, colors with a lot of red in them will appear darker to color vision deficient, improving their contrast.
Per APCA that is Lc 38.6, such a contrast is too low for most text, but text is at a higher spatial frequency—smaller, thinner—so it needs more contrast. But his graphic is big and fat, so very low in terms of the spatial frequency.
The difference between a 6px thick line and a 1px thick line is more than two orders of magnitude in terms of contrast sensitivity.
The arbitrary 3:1 ratio preached in some guidelines has no real empirical evidence behind it for this use case.