Can you post up a photo of the light.
I assume the Hub is in normal router mode and not in modem mode when the light is meant to be magenta - which can look red to some people's eyes.
Its unlikely that the red light is causing the connection issues you are having - but VM will want to change the Hub as it may have a defective overheating detection system.
If they do... see if that solves the issues - if not come back for some advice on improving connectivity.
Are the issues only evident on wifi connections or do you see them at the same times on devices connected on ethernet cables? If you don't know, can you check to help diagnose whether it is just a wifi issue or it could be network connection/Hub related?
I do not work for VM. My services: HD TV on VIP (+ Sky Sports & Movies & BT sport), x3 V6 boxes (1 wired, 1 WiFi, 1 on PA) Hub5 in modem mode with Apple Airport Extreme Router +2 Airport Express's. On 250Mbps, Talk Anytime Phone, x2 Mobile SIM only iPhones.