Hi evernoob,
Yes, a factory reset is one way to get the defaults back. But it is not permanent when you don’t resave the startup file. Which i don’t recommend.
The red color is a so called matcap. A special material just for the viewport. It is not done by a material in the node editor. And so it will not render out. The matcap settings can be found up left in the dropdown menu besides the shading modes. Like shown in the attached image. And you need to be in Viewport shading mode Solid.
Kind regards
Reiner
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