If it’s a Hub3 then it will need replacing for the red LED problem. The other problem will need looking at when the hub is replaced.
You say that, and I'd agree as VM's own web site says overheating for red light on HUB3.
When my other half had such HUB3, one of the forum staff (ADRI_G) refused replacement saying red light was normal in modem mode (when it was always purple). I asked why their own web site says red was overheating and that why would they use RED for modem mode as there would no longer be any colour to indicate overheating condition when in modem mode if they were correct. Of course, no answers came back but the script was followed about it being safe and refusal to replace.
No resetting would stop it. In the end they got a HUB5 via some web link so the fire risk was removed.