No its not red its kind of silvery blue and yes it is metallic. It just looks like whoever painted it did a poor job of matching the colour. The rest of the car has a nice shine to it but that side is kind of matt look.
If it has been repainted before and the paint is dull and peeling its pointless trying to polish it up and you will have to remove it, however that's quite easy to do with a DA sander and you'll only need to remove the outer new painted layers.
It will be very unlikely to necessitate taking it down to bare metal.
It will be a lacquered finish over a metallic base which should not fade so it sounds to me like the repaint has been poorly done. Again one would need to see it to accurately diagnose the correct procedure regard to making the paintwork good, I could have a look if you like but I'm unable to offer a respray at home, Although I do work on the occasional car but they are usually vintage.
Modern metallic paint finishes are always easer to match contrary to what people think because you blend the base colour into the adjacent panel and lacquer that, straight colours are a bit more problematic because you usually have to do a panel to panel.
If you can provide me with the colour code I will be able to tell you how many shades or colour variant are available in that particular colour.
The Porsche paint colour code should be shown on the bulkhead, the "A" post or the door shut and will probably start with an L.
For example if is was Schwarzblue Met the code would be L.32.N or maybe POR.32N.