SharePoint Online: Apply Column Format using PowerShell

#Load SharePoint CSOM Assemblies
Add-Type -Path "C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\16\ISAPI\Microsoft.SharePoint.Client.dll"
Add-Type -Path "C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\16\ISAPI\Microsoft.SharePoint.Client.Runtime.dll"

#Set Variables
$SiteURL = "https://crescent.sharepoint.com/sites/marketing"   
$ListName="Config"
$FieldName="Status" #Internal Name
$JsonFormat = @"
{
  "`$schema": "https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json",
  "elmType": "div",
  "txtContent": "@currentField",
  "attributes": {
   "class": "=if(@currentField == 'Completed', 'sp-field-severity--good', if(@currentField == 'In Progress', 'sp-field-severity--low', if(@currentField == 'On-Hold','sp-field-severity--warning', if(@currentField == 'Not Started','sp-field-severity--blocked', ''))))"
  }
}
"@

#Get Credentials to connect
$Cred= Get-Credential
 
#Setup the context
$Ctx = New-Object Microsoft.SharePoint.Client.ClientContext($SiteURL)
$Ctx.Credentials = New-Object Microsoft.SharePoint.Client.SharePointOnlineCredentials($Cred.Username, $Cred.Password)
 
#Get the List
$List= $Ctx.Web.Lists.GetByTitle($ListName)
 
#Get the Field
$Field=$List.Fields.GetByInternalNameOrTitle($FieldName)
$Ctx.Load($Field)
$Ctx.ExecuteQuery()

#Apply Column Formatting to the field
$Field.CustomFormatter= $JsonFormat
$Field.Update()
$Ctx.ExecuteQuery()

#Config Variables
$SiteURL = "https://crescent.sharepoint.com/sites/marketing"
$ListName="Config"
$FieldName="Status" #Internal Name
$JsonFormat = @"
{
  "`$schema": "https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json",
  "elmType": "div",
  "txtContent": "@currentField",
  "attributes": {
   "class": "=if(@currentField == 'Completed', 'sp-field-severity--good', if(@currentField == 'In Progress', 'sp-field-severity--low', if(@currentField == 'On-Hold','sp-field-severity--warning', if(@currentField == 'Not Started','sp-field-severity--blocked', ''))))"
  }
}
"@

#Connect to PNP Online
Connect-PnPOnline -Url $SiteURL -UseWebLogin 
 
#Get the Field
$Field =  Get-PnPField -Identity $FieldName -List $ListName

#Set Custom Format
$Field | Set-PnPField -Values @{CustomFormatter = $JsonFormat}