Edit: No, this red screen just happened from using DirectX instead of OpenGL.
If you cheat too much in the game, your screen becomes completely red, everything except the beginning cutscene. Even Jam Games logo becomes red. It doesn't seem to impact the progression of the story, but it's interesting.
I didn't just cheat energy, coins and gems, I cheated xp, attribute xp, amount of books and pets xp. So, chances are that you are never going to receive the red screen.
Think of it as a way to detect cheaters. In other games, they would deliberately add something to your character, and unknowing players would comment about it, unknowingly revealing that they cheated.