GFCI outlet red light
Typically, GFIs with a red or orange indicator light signal a tripped GFI. In fact, yours definitely looks tripped as the "reset" button looks popped out. In this case the receptacles definitely should NOT be working.

First things first, push the "test" button. If nothing happens and the light is on and the receptacles still work, replace the device immediately. It is not likely with a newer GFI receptacle, but it is possible for it to fail in the on position.

If the test button pushes in and the reset button pops out more, and the receptacles stop working that signals a proper test. If you can press the reset button back in, and the receptacles then work, you should be fine.

I am leaning towards the former being the case though, especially considering the electronic smell you are experiencing.