It seemed to be white at 4.19, but it seems to be red at 4.20.
I found out that there seems to be a cause for initialization of Mesh Attributes.
As a result of fixing this, it is now displayed in white.
.\release-4.20\Engine\Source\Runtime\Engine\Private\StaticMesh.cpp
[Link Removed]
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-63400 in the post.