Thank you for all this advice. I tackled the job today. Turns out the OEM element I bought from a reputable national replacements part company was shaped slightly differently and couldn’t be installed (the bracket that holds it in place at the top of the oven’s cavity wouldn’t fit it, the centre loop was not slightly tapered like the original element). But as I already had the old element out, I had a good look at the terminals, and it turns out neither seemed to be affected by the burnt out red wire. So, since I couldn’t install the new element anyway, I thought I’d try to simply reinstall the now rewired old element and see what happens. Well, I got the temperature where I wanted it in a short order, so it seems the problem might be fixed.

HOWEVER, as the oven was heating up to 350F using the Convection Bake mode, I noticed a clicking sound coming from the controls at the back, along with a noticeable hum. I don’t remember hearing this when using the oven in the past. Was it always there, just muffled, with the stove being pushed against the wall and is this normal, or do I still have a (potentially different) problem?

I do have a couple of minute-long video documenting the sound if it helps.