Automating a multi-select field to show status based on Date field

I have a multi-select status field that I would like automated but not sure where to start. I have a ‘Due Date’ field and a ‘Status’ field. I want the ‘Status’ field to automatically show either On-Time or Late depending on the ‘Due Date’ field. I tried writing a formula for it and it worked but I wanted to make the ‘Status’ field a multiple select field. Is there a way I can automate this so depending on the ‘Due Date’ and the current date, the ‘Status’ field will automatically populate with the options of On-Time or Late?

You would still need the formula field, but you can hide that field.

Create an automation that triggers whenever your formula field gets updated. Then, your action should set the multi-select field to the contents of the formula field.