Yes, it is considered special to apply Thiruman and Srichuranam during Shraddham and festivals. Srichuranam for women is red color, Some apply Kumkum instead of Srichuranam also.
When we undergo samashrayanam, Acarya applies yellow Srichuranam during pundra samaskaram. Applying yellow Srichuranam is only on that day and red Srichuranam is applied on top of it.
Women can continue to apply red Srichuranam, especially on shraddham day and festivals. Kumkum is also allowed.
There is no harm in applying Kumkum on the parting of the hair, but it is sufficient if you apply Srichuranam vertically until the parting of hair. If women apply thilakam or dot instead of Srichuranam there is a practice of applying Kumkum on the parting of the hair.