`setTimeout()` not working

I have a simple notification bar whose icons should change color based on specific changes.

if (status === 'incremented') {

        for (let i=0; i<statusIcons.length; i++) {

            if (statusIcons[i].iconName === 'valueAdded') {

                statusIcons[i].statusColor = 'yellow';

                //This should return the icon color to default after 3 seconds
                setTimeout(() => statusIcons[i].statusColor = '', 3000);

                break;

            }

        }

    }

but on execution, the icon color gets stuck with yellow. Where am I making a mistake?