Yes, it's likely to be some kind of internal compound that prevents rapid oxidation of the highly active root tip. It's burning energy like crazy in this state, especially at the tip, so the plant makes some protective molecules to stop it from burning too hard - and probably also to preserve hormones instead of letting them break down.
I've seen this hundreds if not thousands of times in plants, mostly in tissue culture settings where the substrate was transparant agar.
For fun I investigated a bunch of those roots under a microscope and there was nothing out of the ordinary about them. The red leaves a smear on paper, but it turns brown pretty fast when exposed to air.
In some cases, it's bacteria that have turned commensal inside the root tip cap. But those tend to look more matte and slightly more pink.