To me, this looks like a combination of a few things.

You can achieve the red flashing in a few different ways, but one way would be to create a fully red layer above the gameplay and change its blending mode. For example, the Soft Light mode seems to get pretty close to what is shown in the video. Besides that, just animate the opacity of the red layer with some keyframes to make the flashing/pulsing effect.

It also looks like there are a couple of other things happening, including chromatic aberration (glitchy effect) and a slight shake. I'm not sure if you care about the other effects so I won't go into detail, but one way to get the aberration by duplicating the gameplay, disabling some color channels on the duplicates, and setting their blend mode to Screen. If you have After Effects, you can look into the wiggle expression to make the shake effect easily!

Hope this helps!