I had a Duo back a few months ago where it had the red light issue.
I changed the usual but no difference but like you I noticed those two caps on the Power board bulged so I changed them also and bingo, back in action.. I had another Duo that had died about 6 months previously and I’d given up on it but after this fix worked I tried it on that also and it was the issue there too
Worth a try I guess, only cost a few cents for me...