With my model (4?) the red warning flag is only in the finder. The colored window on the lensboard does not change. Plus there is no physical connection between the lensboard and the camera other than the release cable.
Found this:
reddit.com/r/vintagecameras/comments/nrclmu/mamiya_folding_six_assistance_what_are_these/
"Locking pin for stability when the camera is folded in"
However I do not see any female port to receive such.
and...
The [English] owners manual shows a bulb flash unit. Could well have had a proprietary connector for the pin on the back of the lensboard.
Still does not explain the colored translucent window. The manual diagrams do not seem to reference the window/post on the front.
The Japanese owners manual does reference the window but legibility presents an issue:
NOTE: later models have a different front standard which included a PC terminal on the shutter: