Thanks @afterimagedesigns for your reply.
Guess this turns into a feature request. It would be great if we can filter the Preset Styles (style and typography) in the child theme that are available to the theme user. If we can remove styles (now hard-coded in the parent theme) and add styles from the child theme, it will give more flexibility to theme builders as we can keep the customizations in code. Thanks again for your work. ??