The choice of emulsifiers is very strange. They have chosen very high HLB solubilisers to emulsify silicones and non-polar hydrocarbons. Surfactants are not made equal. They all have something they are good for and something they are bad for. Polysorbate 80 and PEG-40 HCO are solubilisers that are good for dissolving a tiny amount (say, 1%) of essential oil in a large water phase. Additionally to that, they have chosen bitter-tasting emulsifier.
Here is an example of a very popular lip tint (Benefit).
Water (Aqua), Polysorbate 20, Phenoxyethanol, Sodium Hydroxide, Carmine (Ci 75470), Methylparaben, Fragrance (Parfum), Tetrasodium Edta, Geraniol, Linalool, Hexyl Cinnamal, Citronellol, Maltodextrin, Benzyl Salicylate, Bht.
It has no oil but the fragrance, so they used polysorbate 20 which is a solubiliser to dissolve it, which is a reasonable approach. Note, no other oils here.
Here is an example of a high-end lip tint with oils (I suspect not too much anyway):
Water/Aqua/Eau, Glycerin, Sorbitol, Squalane, Hydroxyethyl Acrylate/Sodium Acryloyldimethyl Taurate Copolymer, Brassica Alba Sprout Extract, Sodium Hyaluronate, Polymethylsilsesquioxane, Dimethicone Crosspolymer-3, Polysorbate 60, Sodium Benzoate, Potassium Sorbate, Benzoic Acid, Isododecane, Sorbic Acid, Citric Acid, Benzyl Alcohol, Yellow 5 (Ci 19140), Red 33 (Ci 17200), Blue 1 (Ci 42090)
They probably used Simulgel NS which is pretty much tasteless and is designed to stabilise different types of oils (subject to amount).
I know PEG-40 HCO is very bitter from my own experience. When I was much less experienced I confused it with another ingredient HCO (not PEG-40 just HCO) which is a wax, not a solubiliser and added it to my lip balm. And yes, it tasted awful.