I don't think so. A switch can be ON but have no power.Does "has no power" not mean "OFF", rather than "ON"? ... and, as you say, and per the labelling of the item, red means "ON"
If the fuse is before the innards of the RCD FCU then, presumably, the RCD has no power to work the test button.
I think upstream would be the situation. Why would it be otherwise?Are people assuming that the fuse is upstream or downstream of the RCD? I was assuming the former. I also would have expected that the red/black indicator would be downstream of both fuse and RCD.