The correct approach to get a FLinearColor from a FString is using the existing function that converts FString to FColor and then FColor to FLinearColor:
FLinearColor HexToLinearColor(const FString& HexString)
{
// Use existing FromHex
const FColor Color = FColor::FromHex(HexString);
// Convert to linear color (0–1 range)
return FLinearColor(Color);
}