Separating field selection/ordering (f=... below) from adding --argN (the loop) so that it's easy to modify fields and/or order and potentially use the same field multiple times as the OP said in a comment is required, using any awk and a POSIX xargs:
$ awk -F, -v f='2,1,3' '
{
n = split(f, flds)
for (i = 1; i <= n; i++) {
printf " --arg%d \"%s\"", i, $(flds[i])
}
print ""
}
' file | xargs -L1 echo my_cmd
my_cmd --arg1 42 --arg2 foo --arg3 red
my_cmd --arg1 13 --arg2 bar --arg3 blue
my_cmd --arg1 27 --arg2 baz --arg3 green
Remove the echo when done testing.
Given that, changing the order and duplicating fields is as simple as changing f='...':
$ awk -F, -v f='3,1,3,2,1' '
{
n = split(f, flds)
for (i = 1; i <= n; i++) {
printf " --arg%d \"%s\"", i, $(flds[i])
}
print ""
}
' file | xargs -L1 echo my_cmd
my_cmd --arg1 red --arg2 foo --arg3 red --arg4 42 --arg5 foo
my_cmd --arg1 blue --arg2 bar --arg3 blue --arg4 13 --arg5 bar
my_cmd --arg1 green --arg2 baz --arg3 green --arg4 27 --arg5 baz
The \"s around %s are to ensure xargs would handle fields that contain spaces correctly, otherwise a field like a b would be split into 2 separate arguments for my_cmd.