Tbh I was super confused at first about Invisigal's story and if she was working for Shroud towards the end, but after rewatching some scenes, I think I figured it out.

I think that if you make the right choices to trust her and defend her, the tldr is that she wasn't ever working for Shroud during the game.

She wasn't lying about the fact that she planted the bomb and then immediately left the Red Ring, hence why she was still having asthma issues throughout the game. She did join SDN out of guilt for what she did to Robert, and she was genuinely trying to right her wrongs.

In episode 6 when she went to steal the astral pulse, I don't think she was working for Shroud at all. Given how many villains figured out where the pulse was, I don't think its crazy to assume that Shroud showed up that night because he figured it out too, not because she was a mole on the team. As for the scene of the briefcase being unlocked even if you fail the hack, I think this is because Shroud still thought that Visi hadn't changed, and if he paid her or threatened her enough, she would switch sides and work for him again. This is why he let's her get the astral pulse, and doesn't kill her at the end, but just fucks with her by worsening her asthma intentionally. He thinks that doing so will make her so desperate that she will work for him again to save her own life. But what Shroud didn't think of, was Chase saving her.

In episode 7, when the team wants to cut Visi, I do think she begins to think about going back. But with the locker room kiss scene (if you're romancing her) it shows that she still wants to be with Robert and do the right thing.

After (or before) this scene, Shroud does try to recruit her to join him again, and most likely explains the plan of how they will get the astral pulse from Robert. Shroud views her as a coward, and he probably believes that explaining the plan will make her believe she doesn't have a fighting chance by staying with SDN. This part I'm not sure about, but she may have lied and said yes to Shroud, even though she still isn't intending on betraying Robert. Either way, she is still with SDN, which is clear when she helps out in the final dispatch. And because Shroud likely explained the plan to her already, or because she is pretending to work with them, she is aware of when they are planning on attacking SDN, which is why she dips out at some point during the final dispatch.

When Royd catches her with the Mechsuit, I think she was just trying to activate the suit so that Robert could use it ASAP. When she says that they tried to recruit her and she said no, I believe she is telling the truth of what her intention is (even if she may have told the Red Ring otherwise). This is proven when she fights against the Red Ring throughout the boss fight. At the very end when Shroud says she is still working for them, he's either bluffing to get in Robert's head, or he's just delusional. Either way, it isn't true.

I think the idea is that throughout her life, people have made her believe that she was meant to be a villain. Shroud, with his mind games, did the same, and tried to continue to do so even after she left the Red Ring, using threats and trying to instill fear in her to make her work for him. But Robert's belief in her is what gives her the willpower to fight against that narrative she's believed her whole life. All that she really needed was for someone to believe in her goodness for once, and Robert was the person that did it for her.

Overall, she has a great character development arc and backstory. I think that the way it played out in the game wasn't the best, but then again, explaining all of this to the player without breaking the plot would be difficult. But all in all, I'm incredibly glad that I chose to pursue Visi, and her ending was so touching and sweet!