Formula to check if text is formatted as red:

How it works:

1. The GET.CELL function retrieves information about a cell's formatting. The first argument (38) tells it to retrieve the color index of the font color.
2. The INDIRECT function is used to create a reference to cell A1 using the "rc" reference style.
3. The FALSE argument tells INDIRECT to use relative referencing.
4. The IF function checks if the color index is equal to 255, which is the color index for red.
5. If the color index is 255, the formula returns "yes". Otherwise, it returns "no".

Note that this formula will only work if the text in cell A1 is formatted as red using the font color option. If the text is formatted as red using conditional formatting or some other method, this formula may not work.