The question is though: was the original over-saturated red as a deliberate artistic decision?
If so, then it should've been retained.
as the Blu Ray release is supposed to be the theatrical edition.
So, have we ever gotten any explanations for why the color balance was altered for the Blu Ray in the first place? Was it a choice made during the rescanning, or was it an accidental artefact of the restoration? Did they scan the negatives at 4k and simply transcribe the color tones 'as shot'?
Great question. That exact thing happened in the Conan (1982) Blu-ray.
There is an early scene that was shot during the middle of the day where Conan is being chased by a pack of wolves. In post-production they darkened it so it would seem to be just before dawn and imply he was being chased all night.
When they restored the elements they didn't know or realize this and transferred it as a day shot. So now he be being chased at high noon by the dogs and the original intent was lost.