There is no link between the colour of Srichoornam and Bharanyasam. Adorning yellow coloured Srichooram is considered superior but no harm in applying red Srichoornam.
Notes:
Generally, Srichoornam mixed in turmeric should be adorned.
Red coloured Srichoornam is obtained only from a mixture of yellow Srichoornam.
So, yellow Srichoornam is considered special.
Can one adorn Srichoornam alone?
It is considered auspicious to apply both Thirumann and Srichoornam together.