For the sake of discussion, let's consider another route.
tldr: Not necessarily seeing "coral" or "fossil".
Not Fossilized ?
Primarily, the contrast of the brilliant color suggests a
recently dead shell.
The interior of the shell shows no incrustation, only light smoothing.
The interior and exterior both exhibit mild tumbling.
The interior of the calcareous tube worm casts are still lustrous.
(The purple color and the worm casts suggest a recent death)
Native flat oysters and several farmed varieties exist along the Oregon coast. Many of these tend to have a deep cavity where the oyster lives inside the shell ... differs from clams and such, that extend smoothly out to the edges.
An older mollusk might have a thicker shell, with the outer incrustation so invasive as to replace the exterior surface of the shell.
The "fragile" part of barnacles and worm casts are the parts that quickly wear off when they tumble on a beach.
(the interior of the worm cast is still lustrous and hasn't yet faded)
Summary:
Suggesting it may not be a fossil nor coral.
Possibly oyster shell.
Recently dead and mildly tumbled.