hmmmm I’m starting to think the white/orange are actually drive/release settings for a hidden synth/drum (non-master) compressor/limiter.
Would explain why white seems to be like a level control, and red seems to distort (bass especially). With low release settings, the gain reduction starts to alter the waveform, not just amplitude.
Fiddling with the master drive can give some similar sounding results (not exactly the same, which isn’t surprising, given it’s probably tuned differently to be an individual track limiter)
I’d actually noticed before that the track seems to have some limiting/compression going on.