New experimental data obtained from $gamma$-ray tagged one-neutron and one-proton knockout from $^{55}$Co is presented. A candidate for the sought-after $T=1, T_z = 0, J^{pi} = 6^+$ state in $^{54}$Co is proposed based on a comparison to the new data on $^{54}$Fe, the corresponding observables predicted by large-scale-shell-model (LSSM) calculations in the full $fp$-model space employing charge-dependent contributions, and isospin-symmetry arguments. Furthermore, possible isospin-symmetry breaking in the $A=54$, $T=1$ triplet is studied by calculating the experimental $c$ coefficients of the isobaric mass multiplet equation (IMME) up to the maximum possible spin $J=6$ expected for the $(1f_{7/2})^{-2}$ two-hole configuration relative to the doubly-magic nucleus $^{56}$Ni. The experimental quantities are compared to the theoretically predicted $c$ coefficients from LSSM calculations using two-body matrix elements obtained from a realistic chiral effective field theory potential at next-to-next-to-next-to-leading order (N$^3$LO).