I've tried the above and it still doesn't help. I don't have the 'Enable accelerated H.264 option'. Only 'Enable hardware accelerated decoding'. The solution you provided above only works if you have red screens in your timeline. I don't have any red screens in my timeline on Premiere Pro, only red screens when I render the final product.
I used media encoder to compress the clip to 720p, and there are less red screens. I'm just going to manually find the areas with red screens then render those few parts again. So I might have 12 different clips at the end of the day, but it might be my only solution. Let me see if it works.
Please try and suggest anything else that helps.