For those making anything at a production scale where you need wcag compliance however, I'd avoid this and leverage a proper semantic token layer. Semantic tokens will help both accelerate your dev cycle, and they'll help guarantee proper contrast ratios in a way that looks visually better than just switching your foreground layer to black or white. The great thing about a semantic token layer is they're extremely easy to theme, which means you get light/dark theming for very little additional cost. You can also create separate WCAG2 / APCA accessible themes, should your brand color be one of the ones that WCAG2 has issues with - will get you compliance while still providing a better visual contrast option.
This is kind of my niche domain specialty - I run the variables/tokens stream at Figma, and I've worked on the dark mode implentation for both Figma and Atlassian. Happy to answer any questions about tokens/themes/accessible color.