I am looking at this and have reached out to see if I can get a clear answer on what you are seeing. In the past, red meant it saw motion, I tested mine and it was showing blue until I connected to the camera, then it turned red. So I am experiencing what you are seeing. As soon as I hear back, I will let you know.
If you are really concerned that someone may be accessing your cameras, you can reach out to Security@wyze.com
However, there is a wishlist item for auditing access here:
Log and notification of device logins - Wishlist / Maybe Later - Wyze Forum
Go and vote for it as this is a great idea.
Edit
See below. When not streaming and the status light turns red, it simply means that the camera has detected motion. This happens when you have Event Recording enabled. If you go into the camera and live stream, the light will also turn red. My statement above was partially correct as I forgot that I turned off Event recroding. Therefore it only turned red when I live streamed.