Color code for red is not evaluated with git-bash.exe in git for windows

Question

I'm using Git for Windows version 2.45.2.windows.1 on Windows 10. If I use git-bash.exe within a repository folder (e.g. by using the explorer context menu extension "Open Git-Bash here") and run git status with some untracked changes, it appears that the escape code for color read does not seem to get evaluated:

However, if I run the command in a normal Windows command window, it works:

Also, the problem does not affect the color code green. If I use git-bash.exe and add the untracked files, the output of git status is correctly displayed in green:

Any idea why this could be? Why does git-bash.exe on my PC correctly evaluate the color code for green but not for red?

I tried using git-bash.exe to run Git command git status on a repository with untracked changes. I expected to see the untracked files to be displayed in red. Instead they were displayed with written out color codes in front.