There is a lack of context

Consider the following example of a noun phrase in which a prepositional phrase is used to post-modify the head noun.

The noun phrase is the coat of many colors and the head noun is coat. This head noun is pre-modified by the identifier the. In addition, it is post-modified by the prepositional phrase of many colors. It is a simple matter to determine if this complex structure is functioning as a complete noun phrase, as it is always possible to substitute a pronoun for a whole noun phrase. So, in the utterance the coat of many colors was beautiful a pronoun may be substituted for the noun phrase to produce the modified utterance it was beautiful. Here is a further example of a prepositional phrase being used to post-modify a noun phrase.
(Reference: https://www.sltinfo.com/prepositional-phrases/ )

There is a lack of context.
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I'd like to know if, according to the passage, the orange part has the same grammatical construction as the blue part, and may be substituted with the pronoun it.

Yes.
Yes.

Pronouns occasionally take a different position of the full NP they represent. There is lack of context would become There it is.

Woot!

What does ‘Woot!’ mean, probus?

"Woot" was an allusion to a tasteless but extremely popular hiphop number. I think the title was Woot There It Is. If it didn't ring a bell with you, I'd say consider yourself fortunate and feel proud of your musical good taste.