Set the styles for the cell, rather than the default cell style:
For Each r As DataGridViewRow In frmCheckOut_Room.DataGridView2.Rows
Dim cell As DataGridViewCell = r.Cells(9)
If cell.Value = "Void" Then
cell.Style.ForeColor = Color.Red
cell.Font = New Font("Microsoft Sans Serif", 8, FontStyle.Strikeout)
ElseIf cell.Value = "Active" Then
cell.Style.Font = New Font("Microsoft Sans Serif", 8)
cell.Style.BackColor = Color.Orange
End If
Next
NB: Since the style refers to disposable objects, it would probably be a good idea to store the styles in fields and reuse the same style instance.
Cell Styles in the Windows Forms DataGridView Control | Microsoft Docs[
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