Jacqui Oatley seems to think so.
https://twitter.com/JacquiOatley/status/1061985932180623360
[tweet]1061985932180623360[/tweet]
My opinion is that he is reacting to the red, he isn't facing the referee, the refs face doesn't alter, so he hasn't heard it.
I was always told growing up that it was unacceptable to attack the referee verbally. However, it was passable to react to a decision in a negative fashion as long as you didn't make it personal.
For example, Dunky shouting "F*** Off" is fine, whereas had he shouted "F*** Off you incompetent little twerk, before you make an idiotic decision, learn to read, go to your local library and then get out a copy of Football for Dummies" it would have been worthy of punishment.