As Walter The Great has explained here, this isn't possible to do since the tick labels are not processed through an interpreter nor HTML. You can replace the y ticks with text() objects instead with the 2 lines of code below (axh is the handle to the axes).
axh = cla();
set(axh, 'YTick', 1:3, 'YTickLabel','')
ylim(axh,[0,4])
xlim(axh,[0,4])
h = text(min(xlim(axh))*ones(3,1), 1:3, {'one','two','three'},'rotation',90, ...
'VerticalAlignment', 'bottom', 'HorizontalAlignment', 'center')
h(2).Color = 'r';
axh = cla();
set(axh, 'YTick', 1:3, 'YTickLabel','')
ylim(axh,[0,4])
xlim(axh,[0,4])
labelpoints(min(xlim(axh)), 1:3, {'one','two','three'}, 'W', 0.3, ...
'rotation',90,'Color', {'k', 'r', 'k'},'FontSize', 12);
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