The OP says the drone was descending and that the altimeter readout on the display had begun to show red (a value below launch elevation) when the drone crashed.
Nothing was showing red.
As the drone was lost the barometric sensor was not showing a height lower than that of the launch point.
But it's not unusual as the barometric sensor can drift during a flight and end up +/- 10 metres or more.
The VPS sensor is accurate and shows the height of the drone above whatever is below it.
Most of the flight was carried out 20 feet (or more) higher than the water.
But a minute before the end of the flight that eased down to 15 ft and later to 9-10 ft above the water.
After about 7 seconds at <10 ft the flyer gave a touch of left stick to take it back up to 20 ft.
Then, although the barometric height continues to show around numbers around 30 ft, the VPS height shows changing height above the water from 20 ft to 10 ft, 14 ft, 19 ft ... then 17, 14, 9, 8, 7, 5 .... kerplunk.
If you are flying too far away to see the drone's height above the water, you need to be aware that the view from the main camera's wideangle lens makes things appear further away than they actually are.
That means the drone is closer to the water than you think it is.